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It’s Time to Stop Pretending the System Still Works

Indian Finance Nirmala Sitharaman together with World Bank President David Malpass and IMF Managing Director Kristalina Georgieva organized a debt roundtable at the G20 finance ministers and central bank governors meeting in Bengaluru on February 25, 2023. Image via the Indian Finance Ministry

In hindsight, it was foolish to think that China, the U.S., India and the Europeans were somehow going to put aside their differences to make desperately-needed compromises to help the world’s poorest countries restructure their debts.

We should have known this weekend’s G20 finance ministers and central bank leaders meeting would fail.

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