IMF, World Bank chiefs warn of debt squeeze in poor nations

By PAUL WISEMAN
AP Economics Writer

WASHINGTON (AP) — The heads of the International Monetary Fund and the World Bank are warning that rising interest rates are squeezing the world’s poorest countries as they struggle with the coronavirus and soaring food prices. World Bank President David Malpass said in a press conference Wednesday that there is “a huge buildup of debt, especially in the poorest countries.” As interest rates rise, he said, debt pressures are mounting on developing countries, “and we need to move urgently towards solutions.‘’