The group may adopt a common approach to dealing with longer-term debt restructurings. FMTNews G20 Freeze Finances
Containers are placed at a port in Qingdao, China on Sept 1. China, Turkey and India had baulked at the language that would lock them into future debt writeoffs.
Beijing, the largest new creditor for emerging market economies, objected to adoption of a common framework for dealing with debt concerns beyond the G20 debt moratorium, a move backed by the Group of Seven advanced economies, said one of the sources.Chinese officials said they could not commit to future debt reductions implied by the common framework, since that would be illegal under Chinese law, the source said.
The absence of private creditors also remains a problem, as does the failure of China to fully participate with all its state-owned institutions, according to top economists. Angola’s finance minister, Vera Daves, told an online forum organised by the IMF and World Bank that an extension of the DSSI would be “very useful”.
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