World Bank president David Malpass warned the current global economic climate could lead to widespread defaults in the developing world. Speaking on December 1, he said he was “worried about a disorderly default process”.

Malpass said the 74 low-income countries that participate in the World Bank’s International Development Association (IDA) owe 35% more this year than in 2021. This comes to $62 billion.

He said creditors were too slow to offer these countries debt restructuring. He singled