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G20: China increases the debt burden of poor countries... and the solution is the "Iraqi experience"
Shafak News/ Two years ago, the Group of Twenty launched the Joint Action Framework - a mechanism designed to provide a rapid and comprehensive debt reform for countries shrinking under debt burdens after the shock of the emerging Corona virus and that would bypass the moratorium on debt repayment.
But the results proved elusive, hampered by a combination of lack of progress in bringing major creditors around the table and committing to joint action, debt benchmarks that form the basis of the talks and political turmoil in some countries. Countries.
The World Bank found that the world's poorest countries will face $35 billion in debt service payments to official creditors and the private sector in 2022, noting that more than 40% of this amount is due to China.
China's role as a lender to poor countries and Beijing's slowdown in debt relief sparked much anger at the Washington meeting, and US officials warn that this could burden dozens of low- and middle-income countries with years of debt servicing problems, low growth and a lack of investment.
US Treasury Secretary Janet Yellen and other Western leaders meeting in Washington stepped up their criticism of China, the world's largest bilateral creditor, as the main obstacle to moving forward with debt restructuring agreements.
Kevin Gallagher, director of the Center for Global Development Policy at Boston University, said the US Treasury also needs to be more robust with private creditors, as it did during the HIPC operation or in Iraq.
"We showed during the 1990s that we can force the private sector to the negotiating table through carrot and stick policy and we are not ready to do that," he added, acknowledging that the debt restructuring system is a "big problem."
In 2015, Iraq settled with the United States of America by paying more than $500 million for all debts demanded by American companies to Iraq, so that the debt file for America was closed permanently. legal or judicial.
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But the results proved elusive, hampered by a combination of lack of progress in bringing major creditors around the table and committing to joint action, debt benchmarks that form the basis of the talks and political turmoil in some countries. Countries.
The World Bank found that the world's poorest countries will face $35 billion in debt service payments to official creditors and the private sector in 2022, noting that more than 40% of this amount is due to China.
China's role as a lender to poor countries and Beijing's slowdown in debt relief sparked much anger at the Washington meeting, and US officials warn that this could burden dozens of low- and middle-income countries with years of debt servicing problems, low growth and a lack of investment.
US Treasury Secretary Janet Yellen and other Western leaders meeting in Washington stepped up their criticism of China, the world's largest bilateral creditor, as the main obstacle to moving forward with debt restructuring agreements.
Kevin Gallagher, director of the Center for Global Development Policy at Boston University, said the US Treasury also needs to be more robust with private creditors, as it did during the HIPC operation or in Iraq.
"We showed during the 1990s that we can force the private sector to the negotiating table through carrot and stick policy and we are not ready to do that," he added, acknowledging that the debt restructuring system is a "big problem."
In 2015, Iraq settled with the United States of America by paying more than $500 million for all debts demanded by American companies to Iraq, so that the debt file for America was closed permanently. legal or judicial.
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