The African Development Bank has pushed back against World Bank President trumps Appointee David Malpass’ comments that it and similar regional development banks were contributing to emerging market debt problems, saying that his criticism was “misleading and inaccurate.”
Malpass said at a World Bank IMF debt forum on Monday that the African Development Bank was “pushing large amounts of money into Nigeria, South Africa, and others without the strongest program to sustain it and push it forward.” He said the AfDB, the Asian Development Bank and official export credit agencies had a tendency to lend too quickly, worsening challenging debt problems in emerging market countries. Which the African Development bank said Malpass’s statement was “inaccurate and not fact-based.
Akinwumi Adesina President of the African Development Bank added that
“The African Development Bank coordinates lending activities, especially its public sector policy-based loans, closely with sister International Financial Institutions (notably the World Bank and the IMF),” it said, adding that it relies on the IMF and World Bank debt sustainabil