Global creditors, debtor nations and international financial institutions on Wednesday agreed to improve data sharing, set clearer timetables and take other steps aimed at jumpstarting debt restructuring processes.
The World Bank, International Monetary Fund and India, current president of the Group of 20 major economies, issued a joint statement after the first full-fledged meeting of the new Global Sovereign Debt Roundtable, held during the spring meetings of the IMF and World Bank in Washington.
"The discussion focused on the actions that can be taken now to accelerate debt restructuring processes and make them more efficient, including under the G20 Common Framework," the statement said. Ghana, Zambia and Ethiopia are at various stages of the process, but debt experts say China's agreement to provide financing assurances for Sri Lanka, a middle income country that was not eligible under the G20 framework, could provide fresh momentum for moving forward on those separate cases.
Participants also discussed the role of multilateral development banks in debt restructuring processes through their provision of "net positive flows" of concessional finance, and welcomed the implicit debt relief provided by the World Bank's International Development Association arm through low interest or zero-interest loans and grants.
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