Major Powers Express Ambivalence Going Into This Weekend’s Critical G20 Debt Relief Talks in Bangalore

The main conference center for the G20's finance minister and central bank leaders conference that will be held over the weekend. Handout / PIB / AFP

As major powers head into this week’s G20 talks on debt restructuring, the mood is grim. The outcome of the talks will be decisive for Sri Lanka’s debt restructuring process and will have a direct bearing on talks affecting Zambia, Ethiopia, Ghana, Ecuador and Suriname. Other Global South countries may join that list soon as debt distress increases.

This week’s talks will partly center on getting China to align with other bilateral creditors. However, China’s push for Multilateral Development Banks (MDBs) to also accept losses signals broader disputes between Beijing and other lenders, which could derail Sri Lanka and other countries’ restructuring efforts.

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by Cobus van Staden

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