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The group of G-20 nations should take quick and decisive steps to reduce debts of heavily indebted countries or risk a “lost decade” in terms of global development, World Bank chief economist Carmen Reinhart said on Wednesday, according to Reuters. 

Key quotes

“This is not the moment of being timid on debt crisis resolution. Proposals need to be bold in terms of delivering debt reduction for the debtors, because if not … the risks of a lost decade are very big.”

The COVID-19 pandemic had exacerbated already staggering debt problems in many countries, and the G20 countries must move forward quickly with “bigger, more ambitious proposals” on debt reduction.