We must tackle the looming global debt crisis before it’s too late

Just between 2000 and 2021, the share of public and publicly guaranteed external debt of low and lower-middle income countries owed to bondholders jumped from 10 to 50 per cent, while the share owed to China rose from 1 to 15 per cent. Meanwhile, the share held by the 22 predominantly western members of the Paris Club of official lenders fell from 55 to 18 per cent.

Cleaning up the mess is just a part of the task. At least equally important is creating a system for financing development, including climate mitigation and adaptation Under the “Cash Downpayment Structure”, investors receive a cash down payment of the existing bond equal to 30-35 per cent of its current market value plus a new standard long-term bond with no write-down of the principal amount. Under the “Floor of Support Structure”, investors receive a new long-term bond of equal nominal amount that has a liquid rising floor of support with an initial value of 60-70 per cent of the existing bond’s current market value.

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