World Bank's Banga calls for more transparency in debt restructuring process

World Bank President Ajay Banga on Friday stressed the need to increase transparency in debt restructuring processes to give greater clarity to all parties involved, including by expanding the debtor reporting system to all Group of 20 major economies.

Banga said the World Bank was working very closely with the International Monetary Fund and others to accelerate debt restructuring under the G20 Common Framework for Debt Treatments, while advancing domestic revenue reforms, expanding financing and supporting liability management.