GANDHINAGAR, India – So far, China has not provided an encouraging response to reach a common understanding with the G20 bloc on the issue of debt restructuring for vulnerable countries, a source familiar with the matter said on Sunday.
G20 The nations are also not interested in a single rule for restructuring those countries’ debt, the source said on condition of anonymity.
Finance leaders from the Group of 20 major economies will meet in Gandhinagar, India, over the next two days to discuss, among other things, the treatment of countries’ debt under the so-called Common Framework, a G20 initiative to help poor countries delay their debt payments.
Zambia last month struck a deal to restructure $6.3 billion in debt to governments abroad, including China, in what was seen as a breakthrough for vulnerable nations in crisis.
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