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In the Pandemic Era, China is No Substitute for the IMF on Debt Restructuring

By James Sundquist

In the wake of the COVID-19 pandemic, 90 countries have approached the International Monetary Fund (IMF) for some form of economic assistance. As in decades past, a multitude of developing countries appears to need debt relief or restructuring. Yet, while a wave of debt crises is hardly unprecedented, this instance has one unusual feature: many of these countries have borrowed from China, in addition to traditional creditor governments.

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