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Stand-off Between China and Western Creditors Leading to Unprecedented Delays In Debt Relief for Poor Countries

by Eric Olander

Just ten years ago, it usually took less than two months for a debt-distressed country to get a sign-off from the International Monetary Fund for emergency financial relief, but that is no longer the case, according to new data compiled by Reuters.

It took Zambia 271 days to get approval from the IMF and it’s been 182 days and counting for Sri Lanka. Although Ghana is now just embarking on the process, there’s no indication it will fare much better in the current environment.

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