China is softening its stance over how to restructure billions of dollars of debt held by poor nations, offering a glimmer of progress in long-stalled talks over unlocking desperately needed aid.
Discussions on Wednesday in Washington during the World Bank and International Monetary Fund's Spring Meetings were aimed at ending a deadlock among the biggest creditor nations on how to renegotiate poorer nations' debt, which had become unsustainable amid surging inflation and a stronger dollar.
Leaders including People's Bank of China Governor Yi Gang, World Bank President David Malpass, IMF Managing Director Kristalina Georgieva, US Treasury Secretary Janet Yellen as well as officials from G-20 host India and Zambia which is seeking debt relief-attended Wednesday's meeting.
A proposal under discussion would see the World Bank provide fresh low-interest concessional loans and grants to countries that have defaulted, in exchange for China dropping a key demand that multilateral development banks take losses alongside other creditors in debt restructurings.
この記事は Mint Mumbai の April 14, 2023 版に掲載されています。
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