China and the G20’s New “Common Framework” For Debt Relief

One of the highlights from the latest G20 summit was the group’s endorsement of a so-called “common framework” that would create a set of standards for countries not eligible for the Debt Service Suspension Initiative (DSSI). Officials at the U.S. Treasury who championed the idea said the new framework was also designed to address some of the shortcomings in the DSSI namely the lack of participation by the private sector and certain Chinese creditors.

It turns out that concerns about China’s role in the current international debt relief effort figured prominently in the design of the new common framework said participants in an online debate on Friday hosted by the Center for Strategic and International Studies (CSIS) in Washington, D.C.

The CSIS discussion was hosted by Stephanie Segal, a senior fellow in the economics program, and featured Brent McIntosh, undersecretary for international affairs at the U.S. Treasury Department, and Mark Sobel, U.S. chairman of the OMFIF think tank.

Two Contrasting Perspectives About the Common Framework and Whether China Will Play Along

  • THE OPTIMISTIC VIEW: “We recognized there was a need for a new framework for official debt relief that would bring in non-Paris Club creditors, including China. And bringing China to participate in a multilateral process with clear norms and expectations, we think, will help avoid some unconstructive dynamics in the debt-treatment process, holding up processes, providing insufficient relief.” — Brent McIntosh
  • THE SKEPTICAL VIEW: “So my impression was that the Common Framework it’s going to come down to implementation. Perhaps it gives you a platform to push the Chinese here and there. But until I see – until we see implementation, I wonder if the glass isn’t – less than half full.” — Mark Sobel

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The post China and the G20’s New “Common Framework” For Debt Relief appeared first on The China Africa Project.



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