Infant mortality rises and life expectancy falls when sovereign debt defaults are not quickly resolved, a study said Wednesday, as negotiations to restructure the debts of countries including Zambia, Sri Lanka, and Ghana drag on. | Reuters
In response to the pandemic in 2020, G20 nations launched the “Common Framework” restructuring process. It has been used by Zambia, Ethiopia, Chad, and Ghana but has yet to secure a resounding success, with China and multiple commercial creditors complicating negotiations.
“The outstanding issues on Zambia are entirely political, it’s entirely about the Chinese and the U.S. putting aside other differences and getting this done,” said Mark Malloch Brown, president of the Open Society Foundations, which published the study.“It’s the fault of a wider system of big powers rarely having the uninterrupted commitment and prioritization to get a small country’s debt problem dealt with when they’ve both got significant interests and face at stake.
Zambia’s bilateral creditors expect to make a debt restructuring proposal this week to the southern African country, an official with the Paris Club, which coordinates developed creditor nations, told Reuters on Monday.for delaying the resolution of Zambia’s debt restructuring, something its officials have denied.Your subscription has been successful.
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