LONDON: Countries in debt distress such as Zambia and Sri Lanka turning to the International Monetary Fund for financial help are facing unprecedented delays to secure bailouts as China and Western economies clash over how to provide debt relief.
Though staff agreements can be reached without financing assurances, the IMF board needs them to approve the programme. These are guarantees that sovereign lenders - and to some extent, commercial creditors - will negotiate a restructuring in line with the IMF's debt sustainability analysis, providing relief and financing when needed.
"They are part of the reason why these negotiations are so painfully slow," said Kevin Gallagher, director of the Boston University Global Development Policy Center."It's not just the Paris Club and a few New York banks anymore."Chinese Premier Li Keqiang said on Wednesday the country is willing to"constructively" participate in solving debt problems of relevant countries under a multilateral framework.
Beijing is the largest bilateral creditor to developing nations, extending US$138 billion in new loans between 2010 and 2021, according to World Bank data. Chad, Ethiopia and Zambia signed up in early 2021. Chad secured a deal in November with its creditors, including Swiss commodities trader Glencore, an outcome without debt reduction that some analysts said undermined the Common Framework efforts. Ethiopia's progress was delayed by civil war, and Ghana joined the platform earlier this year.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bankers face trial accused of helping man known as ‘Putin’s wallet’ transfer cashFour Gazprombank bankers allegedly failed to check whether musician Sergey Roldugin owned the $70 million. Read more at straitstimes.com.
Source: STForeignDesk - 🏆 4. / 71 Read more »
Analysis:Lithium price slide deepens as China battery giant bets on cheaper inputsBEIJING/MELBOURNE : Rare discounts offered by Chinese battery giant CATL to automakers have accelerated a plunge in lithium prices, and the market is set to drop a further 25 per cent with supply growth outpacing demand, analysts and traders say.After a frenzied rush by electric vehicle makers to secure r
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Analysis:Australia's DIY pension funds lose millions on crypto bets, investors not sweating itSYDNEY : Thousands of Australians who used do-it-yourself (DIY) pension funds to bet on cryptocurrencies face hundreds of millions of dollars in losses, jeopardising their savings in a scheme originally set up to ensure adequate retirement income. These risky bets are possible as DIY or self-managed
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Elderly woman sells chicken from bicycle to earn extra cashOne elderly woman has resorted to selling poultry from her bicycle to supplement her allowance from her son. The woman, who is in her 80s, runs her mobile stall five times a week in the northern part of Singapore, according to a report by 8world last Saturday (Feb...
Source: thenewpaper - 🏆 7. / 63 Read more »
Australia's DIY pension funds lose millions on crypto bets, investors not sweating it: AnalysisSYDNEY: Thousands of Australians who used do-it-yourself (DIY) pension funds to bet on cryptocurrencies face hundreds of millions of dollars in losses, jeopardising their savings in a scheme originally set up to ensure adequate retirement income. These risky bets are possible as DIY or self-managed superan
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
New York City’s luxury housing is now more expensive than London’sMonaco kept its title as the most expensive residential market. Read more at straitstimes.com.
Source: STForeignDesk - 🏆 4. / 71 Read more »