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First with the News

IMF Warns Of ‘Economic Collapse’ Unless G20 Extends Debt Relief

The G20 Debt Service Suspension Initiative (DSSI) expires at the end of the year, and without a renewal, countries could face financial pressure and spending cuts just as new Covid-19 variants are spreading and interest rates are expected to rise.

December 3, 2021
in Economy, Top Stories
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One-Third Of The World Will Face Recession This Year, IMF Warns

IMF Managing Director, Kristalina Georgieva.

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By John Ikani

Poorer nations could be facing economic collapse unless the world’s richest economies agree to step up debt relief efforts, International Monetary Fund (IMF) Chief Kristalina Georgieva warned on Thursday.

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Some 60% of low-income countries are already in, or at high risk of debt distress, compared to less than half that in 2015, Ms. Georgieva wrote in a blog co-authored with Ceyla Pazarbasioglu, Director at the IMF Strategy, Policy and Review Department.

“We may see economic collapse in some countries unless G20 creditors agree to accelerate debt restructurings and suspend debt service while the restructurings are being negotiated

“For many of these countries, the challenges are mounting.

“Debt challenges are pressing and the need for action is urgent. The recent Omicron variant is a stark reminder that the pandemic will be with us for a while,” Georgieva and Pazarbasioglu warned.

The G20 group of major economies launched the DSSI in spring of 2020, designed to offer a temporary freeze in payments to low-income countries, many of which had already faced hefty debt burdens pre-pandemic. However, that initiative is running out at the end of the year.

Progress on another G20 plan, the Common Framework for Debt Treatments designed to reduce the overall debt burdens of poor countries, has been very slow.

“Recent experiences of Chad, Ethiopia, and Zambia show that the Common Framework for debt treatments beyond the DSSI must be improved,” the authors wrote, acknowledging that the Common Framework had yet to deliver on its promise.

The reasons for this were manifold — coordinating Paris Club and other creditors, as well as multiple government institutions and agencies within creditor countries slowed down decision making.

In Chad’s case, having to restructure a large, collateralized obligation held by a private company and partly syndicated to a large number of banks and funds complicated progress.

“It is also critical that private sector creditors implement debt relief on comparable terms,” the authors wrote.

Meanwhile, major central banks like the Federal Reserve preparing to unwind easy money policies, could spell more trouble.

“No doubt 2022 will be much more challenging with the tightening of international financial conditions on the horizon.”

Tags: Ceyla PazarbasiogluDebt Service Suspension Initiative (DSSI)G20International Monetary Fund (IMF)Kristalina Georgieva
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