Global Sovereign Debt Roundtable Co-Chairs Press Statement

IMF News, April 12, 2023

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Bibliographic details

• Published: April 12, 2023

Meeting purpose and participants

• Press Release No. 23/117
• April 12, 2023
• The Global Sovereign Debt Roundtable (GSDR) met to discuss debt sustainability and debt restructuring challenges and ways to address them.
• Co-chairs releasing the statement: International Monetary Fund Managing Director Kristalina Georgieva, World Bank Group President David Malpass, and Indian Minister of Finance Nirmala Sitharaman.
• Participants included:
  • Co-chairs: International Monetary Fund, World Bank, India (G20 Presidency)
  • Official bilateral creditors: China, France (as chair of the Paris Club), Japan, Saudi Arabia, United Kingdom, United States
  • Debtor countries: Ecuador, Ethiopia, Ghana, Sri Lanka, Suriname, Zambia
  • Other: Brazil (forthcoming 2024 G20 Presidency)
  • Private sector representatives: Institute of International Finance, International Capital Markets Association, BlackRock, Standard Chartered

Key findings and agreed priorities

• Urgent need to improve information sharing, including on macroeconomic projections and debt sustainability assessments, at an early stage of the restructuring process.
• IMF and World Bank will rapidly issue staff guidance on information sharing at each stage of the restructuring process.
• Role of Multilateral Development Banks (MDBs) discussed: provision of net positive flows of concessional finance is important.
• The International Development Association’s (IDA) provision of positive net flows and the ex-ante implicit debt relief through increased concessionality and grants to countries facing higher risks of debt distress was welcomed.

Actions to increase efficiency, predictability, and fairness in restructurings

• A workshop will be organized in the next weeks on how to assess and enforce comparability of treatment.
• Further work will be undertaken on principles regarding:
  • cut-off dates
  • formal debt service suspension at the beginning of the process
  • treatment of arrears
  • perimeter of debt to be restructured, including with regards to domestic debt
• This work will help clarify potential timetables to accelerate debt restructurings.

Ongoing collaboration

• The IMF, World Bank and the G20 Presidency will continue to work closely together and with other partners to further support the international response to current debt challenges.

Press contact

• IMF Communications Department
• MEDIA RELATIONS
• PRESS OFFICER: Nico Mombrial
• Phone: +1 202 623-7100
• Email: MEDIA@IMF.org
• @IMFSpokesperson

Press Release No. 23/117 — April 12, 2023

References

• https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva
• PRESS CENTER
• https://www.imf.org/en/home