World Bank official calls for shake-up of G20 debt relief scheme

Chief economist says common framework has failed to provide any new money to world's poorest countries since it was set up in 2020

The mechanism for providing debt relief to the world's poorest countries is failing to produce results and requires a major rethink, a senior official at the World Bank has said.

Indermit Gill, the bank's chief economist, said that after four years the G20's common framework - designed to speed up and simplify debt restructuring - had not provided a single dollar of new money.