The idea is that Beijing would then drop its insistence that the multilateral lenders take losses, or "haircuts", on the loans they have provided or underwritten in crisis-hit countries.īeijing has not commented directly on the demand for multilateral lender haircuts, but in remarks published on Friday People's Bank of China Governor Yi Gang reiterated China's willingness to implement debt talks under the Common Framework, the platform introduced by leading G20 nations in 2020 to streamline talks with all creditors. The renewed push to overcome the logjams came after a "roundtable" at the IMF Spring Meetings and included pledges from the Fund and World Bank to share assessments of countries' troubles more quickly, provide more low-interest and grant funding and stricter timeframes on restructurings overall. The somewhat loose framework around sovereign restructurings has seen Beijing seek to influence the traditional rules of engagement in these processes. Standoffs between major Western-backed lenders like the International Monetary Fund (IMF) and the world's top bilateral creditor, China, have been blamed for keeping countries such as Zambia mired in default for nearly three years.
LONDON, April 13 (Reuters) - The latest bid by the world's leading institutions and creditors to speed up debt restructurings and get bankrupt countries back on their feet has been greeted by a mix of cautious optimism and weary scepticism by veteran crisis watchers.
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