IMF, WB cite progress on global debt issues

WASHINGTON:

The International Monetary Fund (IMF), World Bank and current G20 president Brazil said on Wednesday there had been significant progress on global debt issues in recent months, citing new agreements on desired timelines and comparability of treatment.

IMF Managing Director Kristalina Georgieva, World Bank President Ajay Banga and Brazilian Finance Minister Fernando Haddad issued a joint statement after a ministerial-level meeting of the Global Sovereign Debt Roundtable (GSDR) on the sidelines of the spring meetings of the IMF and World Bank. The IMF and the World Bank convened the roundtable, which brings together debtor countries, creditors, international financial institutions and the private sector to jumpstart long-stalled debt restructuring processes and build greater understanding on ways to address challenges.

The joint statement outlined progress in some sovereign debt cases, including agreements reached by Zambia and Ghana, and advanced discussions in the cases of Sri Lanka and Suriname. It said the GSDR had helped forge consensus on how processes could be improved, including on comparability of treatment and on timelines toward swifter and more predictable restructuring processes, while taking into account the specific circumstances of each case.

Published in The Express Tribune, April 19^th, 2024.

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