World Bank chief Ajay Banga highlights difficulties for central banks

World Bank President Ajay Banga on Wednesday said that interest rates will likely stay higher for longer and complicate investments for companies across the world, according to a report published by the sources.

Addressing a news conference here, Banga said wars are extremely challenging for central banks that are trying to find a way to steer their economies toward a soft landing.

He also said that China has been a cooperative partner of the development lender, but more transparency is needed on debt contracts in order to accelerate debt restructurings for poor countries.

The World Bank chief suggested that countries needed to work harder to use existing tools to try to restructure the debts of struggling poor countries before trying to replace them, sources reported.