Wealthy nation creditor club sees tide shifting as debt defaults peter out

The debt crisis risk that has overshadowed the global economy for four years is beginning to recede, the Paris Club of rich creditor nations said in its 2023 annual report on Wednesday.

“The spectre of another major debt crisis is slowly receding,” the group said in a report released on the sidelines of its annual meeting in Paris. However, several concerns lurk between the lines of the report, including over whether the mechanism used to co-ordinate debt talks for the world’s poorest countries – dubbed the Common Framework – is fit for purpose.

Ukraine, whose financial fate remains precarious after its proposed debt restructuring hit the rocks earlier this month, is mentioned only in a table of the report’s 99 pages. The country was not on the agenda for meeting, a Paris Club official said.

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