G20 leaders see deteriorating debt issues in some middle-income countries - draft
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17

G20 leaders see deteriorating debt issues in some middle-income countries - draft

G20 leaders see deteriorating debt issues in some middle-income countries - draft

 

Leaders of the Group of 20 major economies will express concern about the “deteriorating debt situation” facing some vulnerable middle-income countries, and call on all official and private creditors to respond swiftly to requests for debt treatment. 


G20 leaders also welcomed a debt agreement reached by Chad’s creditors, and encouraged the timely conclusion of a debt treatment for Zambia by early 2023. IMF and World Bank leaders, along with officials from the United States and other Western powers, have pushed unsuccessfully to expand the G20 framework to include vulnerable middle-income countries, but that effort has been blocked by China, now the world’s largest sovereign creditor. 


The draft declaration acknowledges, for the first time, the severity of the debt problems facing middle-income countries, in what experts said was a clear reference to Sri Lanka, which reached a staff-level agreement with the IMF in early September but needs to get financing assurances from multiple creditors, including China and Japan, to secure disbursements.

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