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'Compounding crises' threaten debt-burdened poor nations: World Bank VP

Akihiko Nishio sees urgent need for broad cooperation to help struggling states

Flood victims in Pakistan. Countries already dealing with extreme weather and the pandemic now have to cope with higher interest rates.   © Reuters

TOKYO -- Interest rate hikes by major central banks trying to rein in inflation risk creating further problems for emerging economies already burdened by heavy debt loads, argues Akihiko Nishio, vice president of development finance at the World Bank.

Some of the world's poorest countries are already dealing with multiple crises at once, including climate-change-induced drought and the coronavirus pandemic, said Nishio, who stressed the World Bank's unique ability to help respond to these challenges.

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