The World Bank announced three new principles for supporting developing countries

Developing countries face exceptionally difficult challenges amid slowing global economic growth and rising interest rates in the US and Europe, World Bank (WB) President David Malpass said March 23 during a keynote address at the Center for Strategic and International Studies. Much of the capital currently available is being absorbed by a small group of developed countries to support massive public debt and central banks to maintain ample liquidity in the system, he added.

According to various estimates, from 20% to almost all developing countries will record a significant capital deficit against the backdrop of an outflow to large economies, Malpass noted. But only to resolve conflicts, compensate for the consequences of the pandemic and fight epidemics, as well as cover climate costs, they will need $2.4 trillion annually over the next seven years, the head of the World Bank estimated.