As the world's dominant creditor, China must demonstrate leadership in addressing the growing debt problem facing many low-income and emerging market countries around the world, this year's leader of the Group of 20 finance officials told Reuters.
Indonesian Finance Minister Sri Mulyani Indrawati, speaking in an interview on Friday, welcomed news that China would join a creditor committee for Zambia, one of three countries that has sought debt relief under the G20 Common Framework agreed with the Paris Club of official creditors.
International Monetary Fund Managing Director Kristalina Georgieva on Thursday said China had committed to joining Zambia's creditor committee amid complaints from Zambia's finance minister about delays to its debt restructuring.Zambia became the first COVID-19 pandemic-era default in 2020 and is buckling under a debt burden of almost $32 billion, around 120% of its gross domestic product.
Ethiopia and Chad also signed up to the Common Framework more than a year ago and have yet to receive debt relief. Indrawati said G20 members made clear their concerns about the need to jump-start the slow-moving debt restructuring process during this week's spring meetings of the IMF and World Bank members, with some 60% of low-income countries now in or at high risk of debt distress.
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