Festival de Cannes

Content Authenticity Initiative


« Ducati Lenovo Team ready to hit the track in Austin, Texas, for the Americas GP | Main | Celebrate Akshaya Tritiya with the Timeless De Beers Forevermark Icon Collection »

April 13, 2023

Global Sovereign Debt Roundtable Co-Chairs, IMF, World Bank, and India (as G20 Presidency) have issued a Press Statement.

IMF Roundtable

Photo: The Global Sovereign Debt Roundtable co-chaired by IMF, World Bank, and India (as G20 Presidency). April 12, 2023. Washington, DC. IMF Photo.

Washington, DC, April 12, 2023 — The Global Sovereign Debt Roundtable (GSDR) met today and discussed debt sustainability and restructuring challenges and how to address them. At the end of the meeting, the International Monetary Fund Managing Director Kristalina Georgieva, World Bank Group President David Malpass, and Indian Minister of Finance Nirmala Sitharaman, co-chairs of the GSDR, released the following statement.

“The Global Sovereign Debt Roundtable (GSDR) met today and discussed debt sustainability and restructuring challenges and ways to address them. We are grateful to all the participants, including Paris Club and non-Paris Club creditors, debtor countries, and private sector representatives. The discussion focused on the actions that can be taken now to accelerate debt restructuring processes and make them more efficient, including under the G20 Common Framework.

We agreed on the importance of urgently improving information sharing, including on macroeconomic projections and debt sustainability assessments, at an early stage of the process. Accordingly, the IMF and World Bank will rapidly issue staff guidance on information sharing at each step of the restructuring process.

The meeting discussed the role of Multilateral Development Banks (MDBs) in these processes by providing net positive flows of concessional finance. In addition, the conference welcomed the International Development Association’s (IDA) provision of positive net flows and the ex-ante implicit debt relief through increased concessions and grants to countries facing higher risks of debt distress.

To clarify critical concepts to support the predictability and fairness of debt restructuring processes, a workshop will be organized in the following weeks on assessing and enforcing the comparability of treatment. Moreover, further work will be undertaken on principles regarding cut-off dates, formal debt service suspension at the beginning of the process, treatment of arrears, and perimeter of debt to be restructured, including concerning domestic debt. This work will also help in clarifying potential timetables to accelerate debt restructurings.

The IMF, World Bank, and the G20 Presidency will continue to work closely with other partners to support the international response to current debt challenges.”

Participants in the meeting included the three co-chairs (International Monetary Fund, World Bank, and India as G20 Presidency), official bilateral creditors (China, France as chair of the Paris Club, Japan, Saudi Arabia, United Kingdom, United States), debtor countries (Ecuador, Ethiopia, Ghana, Sri Lanka, Suriname, Zambia), Brazil as the forthcoming 2024 G20 Presidency and private sector representatives (Institute of International Finance, International Capital Markets Association, BlackRock, Standard Chartered).

Source: IMF Communications Department

|GlobalGiants.Com| StumbleUpon reddit Facebook Google Plus Tweet This Seed This on Newsvine

Edited & Posted by the Editor | 1:46 PM | Link to this Post

Start from HOME Go to Top