About half of the newly poverty-stricken will come from the Asia-Pacific, mostly in South Asia, says Mora. - AP
JAKARTA (Reuters): The Asia-Pacific region risks a damaging financial crisis from a surge of non-performing loans caused by rising insolvencies, a senior official from the World Bank Group’s private sector arm said on Thursday (Sept 17).
In an interview with Reuters, Alfonso Garcia Mora, Vice President for Asia and the Pacific of the International Finance Corp (IFC), said bankruptcies were expected to rise by 30 per cent because of the economic crisis caused by the new coronavirus pandemic.
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