As the world's largest bilateral creditor, China is central at a meet in Paris this week on making tangible progress in providing debt relief to Zambia, Chad, Ethiopia and Ghana through the Group of 20-led ‘Common Framework’
As the world's largest bilateral creditor, China is central to talks on making tangible progress in providing debt relief to Zambia, Chad, Ethiopia and Ghana through the Group of 20-led "Common Framework."The Common Framework was set up by the G-20 in late 2020 during the COVID-19 pandemic as an initiative to expedite and simplify the process of getting indebted countries back onto their feet.
But nearly three years later, it is yet to provide any relief, partly due to disagreements between the rich countries and China, which over the past decade has emerged as a major international creditor.China wants multilateral lenders like the International Monetary Fund and World Bank to absorb some of the losses, which those institutions and many developed nations, notably the United States, are resisting.
The Common Framework requires debtor countries to secure restructuring assurances from any bilateral lenders first and commercial and multilateral lenders second - to Beijing's dismay. China's central bank chief Yi Gang reiterated "China is willing to work with all parties to implement the Common Framework for debt disposal," at a gathering of G20 finance ministers and central bank governors at the World Bank and IMF Spring Meetings in Washington in April.
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