IMF chief Georgieva cites 'fruitful exchange' with China on debt issues

IMF Managing Director Kristalina Georgieva looks on during an interview with Reuters, in Berlin, Germany, October 26, 2022. REUTERS/Michele Tanntussi

Implementation of the common framework process has been halting, with only one country, Chad, having completed the debt treatment process, and its agreement not resulting in any actual reductions of the country's debt.

"We talked about how we can prevent individual cases of debt distress from triggering a global debt crisis," she said, calling again for quicker, more predictable progress on debt treatments and expansion of the framework to more countries. He welcomed support voiced by Premier Li Keqiang for a "systematic engagement on debt" during the meetings, and underscored the need for transparent disclosure of China’s loan contracts, and removal of non-disclosure and non-restructuring clauses and hidden collateral and escrow arrangements.

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