China is negotiating a compromise plan with other major creditors that could help break a logjam in debt-relief talks for struggling developing nations, the Wall Street Journal reported on Tuesday.
That concession would be in return for multilateral lenders and regional partners such as the Asian Development Bank and African Development Bank making more explicit commitments to provide fresh low-cost financing, including grants, to countries whose debt is being restructured, the Journal said. Negotiations could then move on to the details of Zambia’s debt restructuring, such as extending repayment deadlines and lowering interest rates. China continues to oppose taking losses on the face value of its loans, people close to Beijing’s decision-making told the paper.
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