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World Bank Chief David Malpass on Debt Transparency and the Challenges of Working With the Chinese

World Bank President David Malpass speaking Margaret Brennan on CBS News' Face the Nation program. Image via CBS.

World Bank President David Malpass pushed back against the suggestion that China engages in predatory lending to developing countries and instead described the lack of transparency in working with China as a “challenge.” Malpass made the comments during an interview on Sunday with CBS Face the Nation host Magaret Brennan: 

DAVID MALPASS:
 We work closely with China. You know, its system is different from the market-based system of the world. It’s a Communist Party system. And so, there are frictions. There are challenges. But from the standpoint of the World Bank, we’re working well with them on marine plastics, reducing that from the- from the river systems. Also, the- also from a greenhouse gas emissions standpoint, we’re working with them. So, China is engaged in the world. It’s making vaccines for its own population. And so, we can look at that as well. I think we have to recognize there are these frictions on debt transparency, for example, as they enter into contracts in the developing world, there’s often a nondisclosure clause, which makes it very hard for people to know whether they’re getting a fair deal.
 

MARGARET BRENNAN: China is being a predatory lender to poor people, is what you’re saying.
 

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