World Bank President David Malpass warned that the world is facing a "fifth wave of the debt crisis," calling for more support for countries experiencing difficulties.

The Coronavirus pandemic forced many countries to borrow more, and the World Bank and International Monetary Fund have warned that many of them are facing debt difficulties or are at risk due to rising global inflation and increasing interest rates.

Malpass said to reporters, as conveyed by "AFP": "I am concerned about debt levels, concerned about every country individually."

He added, "In 2022 alone, about $44 billion of bilateral and private debt service payments became due" in some poor countries, higher than the flow of foreign aid those countries could hope for.

He continued, "Now, we are in what I believe is the fifth wave of the debt crisis."

Malpass called, days before the annual meetings of the IMF and World Bank in Washington, for "a radical increase in transparency" from creditors and borrowers regarding debt levels.

Malpass has long urged China, the main creditor to low-income countries, to be more open about lending and more active in debt restructuring efforts, a process facing difficulties.

His comments come at a difficult time for the global economy, which is struggling with rising inflation and increasing interest rates threatening to spread worldwide and derail the newly recorded recovery.

Some observers had previously warned that significant interest rate hikes by major economies could lead to a global recession, but policymakers say allowing high inflation would be even worse.

Malpass said, "It is very important, as we face these financial crises in the developing world, to acknowledge the crucial role of advanced economies in restoring growth and moving towards a faster growth environment."

Developing countries also need more capital inflows, and although the World Bank is expanding its aid to countries, that is "not enough."

According to the World Bank, four waves of the debt crisis have occurred in the global economy since 1970, leading to financial crises in many emerging and developing economies.