World Bank chief: Extreme poverty could surge by 100mAugust 21, 2020 - 12:35 AMT PanARMENIAN.Net - The coronavirus pandemic may have driven as many as 100 million people back into extreme poverty, World Bank President David Malpass warned Thursday, August 20. The Washington-based development lender previously estimated that 60 million people would fall into extreme poverty due to Covid-19, but the new estimate puts the deterioration at 70 to 100 million, and he said "that number could go higher" if the pandemic worsens or drags on. The situation makes it "imperative" that creditors reduce the amount of debt held by poor countries at risk, going beyond the commitment to suspend debt payments, Malpass said in an interview with AFP. Even so, more countries will be obliged to restructure their debt. "The debt vulnerabilities are high, and the imperative of getting light at the end of the tunnel so that new investors can come in is substantial," Malpass said. Advanced economies in the Group of 20 already have committed to suspending debt payments from the poorest nations through the end of the year, and there is growing support for extending that moratorium into next year amid a pandemic that has killed nearly 800,000 people and sickened more than 25 million worldwide. Photo: Getty Images Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |