An important step has just been taken on the restructuring of sovereign debts as the Covid pandemic hits the poor countries of the planet hard.
A week before the summit of G20 heads of state under the Saudi presidency, finance ministers agreed on a new common framework on Friday.
Bruno Le Maire hailed a
"historic"
advance
.
“For the first time, all major bilateral creditors, whether they are Paris Club members or not, will coordinate the debt of poorer countries.
Debt relief will be done with greater transparency, ”
said the Minister of the Economy.
Read also:
Africa in the Chinese debt trap
In detail, 29 creditor countries put themselves on an equal footing: the 22 member states of the Paris Club, five of the G20 (China, India, Saudi Arabia, South Africa and Turkey) plus Kuwait and the United Arab Emirates .
The big change comes from the alignment of Beijing, which has become the leading bilateral donor to fragile states.
With
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