IMF Managing Director Kristalina Georgieva is pushing China and other Group of 20 economies to speed up debt relief for a growing number of heavily indebted countries, warning that failure to do so could unleash a damaging “downward spiral.” Georgieva told Reuters it was crucial to jumpstart the largely stalled Common Framework for debt treatments that was adopted by the G20 and the Paris Club of official creditors in October 2020 but has failed to deliver a single result thus far.
Western officials are stepping up criticism of the G20 Common Framework process after nearly two years of glacial progress blamed largely on foot-dragging by China, the world’s largest sovereign creditor, and private sector creditors.
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