Tag: International Monetary Fund
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Ghana President Hopeful for IMF Deal in March
Ghana’s President Nana Akufo-Addo is optimistic that the debt-ridden country will reach a bailout deal with the International Monetary Fund by the end of the month. Speaking at a gathering of ambassadors and high-level officials, Akufo-Addo said: “I’m confident that with ...
China’s Premier Promises IMF Chief “Constructive” Cooperation on Debt
Chinese Premier Li Keqiang told the head of the International Monetary Fund that China is open to participating “in a constructive manner” with debt restructuring efforts. During a call with IMF Managing Director Kristalina Georgieva, Li said: “China is willing to take ...
IMF Head Flatly Rejects China’s Call for Multilateral Development Banks to Take Losses on Loans: “Not Possible”
International Monetary Fund Managing Director Kristalina Georgieva flatly rejected China's demand for multilateral development banks (MDBs) to accept losses or "haircuts" for loans to the world's poorest countries. "Not possible" she bluntly declared in an interview with Bloomberg following this weekend's ...
It’s Time to Stop Pretending the System Still Works
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 ...
Lots of Talk, Little Consensus and No Action Following G20 Debt Roundtable Discussion Among G20 Finance Ministers
The world's most powerful finance ministers, central bank heads and development finance leaders met on Saturday in Bengaluru, India for a highly-anticipated roundtable that many hoped would unblock the current impasse on debt relief for poor countries. While debt ...
Gyude Moore: Future of Global Development Finance System at Risk if China Wins Stand-off With IMF, World Bank
If China is successful in its effort to force multilateral development banks (MDB) like the World Bank and the International Monetary Fund to accept the same kind of writedowns (known as 'haircuts') on loans to poor countries as other lenders, it would endanger the entire global development ...
China Unphased by Report IMF May Circumvent Beijing on Sri Lanka Debt Relief
Sri Lankan debt restructuring seems to be hitting a stalemate, judging by Monday’s Foreign Ministry press briefing. Asked about a recent Bloomberg report that the IMF is considering circumventing Chinese approval in providing a relief deal to the bankrupt country, spokesperson Wang Wenbing basically restated China’s current position.
IMF Considers Circumventing China for Sri Lanka’s Emergency Debt Relief
The International Monetary Fund may have found a way to unblock the impasse with China that's blocked Sri Lanka's $2.9 billion emergency financial package. The IMF, according to Bloomberg, is actively considering invoking a rarely used policy that allows the fund to issue ...
India Thinks It Can Persuade China to Take Big Losses on Its Loans to Poor Countries
The Indian government, in its role as rotating head of the Group of 20, is drafting what will no doubt be a controversial proposal that calls on all major international creditors, namely China, to take large losses on its loans to poor countries.
China Sticking to Its Position That Multilateral Banks and Bondholders Must Also Take Losses on Sri Lankan Debt
The Chinese government re-stated on Wednesday that it will not move forward with the Sri Lankan debt restructuring process unless both commercial creditors and multilateral development banks also agree to accept losses on their loans. Ministry officials told Reuters that Spokesperson ...
India Adds to Mounting Pressure on China to Resolve Debt Relief Impasse With IMF, World Bank
The Indian government called on China to stop blocking the debt restructuring process for the world's poorest countries, adding to the pressure on Beijing ahead of a critical meeting with the World Bank and the International Monetary Fund on Friday. Amitabh ...
FT Reporting Error Sparks Widespread Confusion Over Zambia’s Views on China’s Role in Debt Restructuring Process
Botched reporting in a Financial Times article on Zambian debt made clear how nervous China’s push for the World Bank and other multilateral financers to accept losses as part of debt restructuring is making international stakeholders. In its corrected form, the report quotes ...