LONDON, Dec 3 — Poorer nations could be facing economic collapse unless the world’s richest economies agree to step up debt relief efforts, International Monetary Fund chief Kristalina Georgieva warned on Thursday.
The G20 group of major economies launched the Debt Service Suspension Initiative in spring 2020, designed to offer a temporary freeze in payments to low-income countries, many of which had already faced hefty debt burdens pre-pandemic. However, that initiative is running out at the end of the year. “Recent experiences of Chad, Ethiopia, and Zambia show that the Common Framework for debt treatments beyond the DSSI must be improved,” the authors wrote, acknowledging that the Common Framework had yet to deliver on its promise.
“It is also critical that private sector creditors implement debt relief on comparable terms,” the authors wrote.
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