China Debt Restructuring Reaches Impasse, World Bank Chief Says

(Bloomberg) — China is at an impasse in terms of restructuring debts owed to it by developing nations in distress, even after the World Bank made additional efforts to provide ultra-low interest loans and grants to those countries, the anti-poverty lender’s chief said Monday.

“From China’s side, they are working to try to pull all their creditors together into a coordinated position, but it’s still a stalemate as far as progress being made,” David Malpass, who is set to step down at the end of this month, said in an interview on Bloomberg Television. “It’s been frustrating because of lack of progress.”