Zambia needs 'desperate debt relief' and agreements under a Group of 20 restructuring vehicle are proving difficult, the World Bank's managing director of operations said on Thursday.
World Bank Managing Director of Operations Axel van Trotsenburg speaks during an interview with Reuters in Sarajevo, Bosnia and Herzegovina, September 14, 2022. REUTERS/Dado Ruvic/File Photo
Zambia has become a test case for the G20-led "Common Framework" restructuring vehicle launched during COVID-19 to streamline debt restructuring efforts as poorer countries buckle under the fallout from the pandemic hit. It aims to include non-Paris club members, such as China, in debt relief talks. "Take the Zambia case, but this will come up in Sri Lanka - we need to have a serious discussion on lending into arrears by financial institutions," he added.
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