Plans for debt relief for the world’s poorest countries inched forward on Thursday as private creditors laid out a blueprint for their involvement, though it received immediate criticism for not going far enough.
The proposal shepherded by the Institute of International Finance (IIF) said creditors would grant debt breaks on a case-by-case and voluntary basis this year after concluding a one-size-fits-all approach would have been “practically impossible”.
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It was the culmination of work involving more than 100 top money managers after the G20 economies had called on the private sector to match their recent Debt Service Suspension Initiative (DSSI) to help some 77 low-income countries.
“The IIF has been adamant that creditors of…
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