"Debt Relief: IMF Chief corroborates reports of Ghana seeking G20 Common Framework"

" Debt Relief: IMF Chief corroborates reports of Ghana seeking G20 Common Framework \r\n\r\nThe Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has confirmed\u00a0that Ghana has sought debt treatment under the Common Framework platform supported by the Group of 20 major economies.\r\n\r\nReuters reported that Ghana\u00a0requested\u00a0on Tuesday to restructure its bilateral debt under the Common Framework platform supported by the G20, according to a source familiar with the situation.\r\n\r\nThe crisis-hit nation becomes the fourth country to apply to the G20 initiative launched in 2020 and designed to streamline debt restructuring efforts in the wake of poorer countries buckling under the fallout from the COVID-19 pandemic.\r\n\r\nGhana just became the fourth country to seek treatment under the Common Framework, sending a signal that it is seen as an important pathway for debt resolution,\u201d Madam Georgieva said in a blog.\r\n\r\nGhana\u2019s debt restructuring under the Common Framework aims to include non-Paris club members, such as China in debt relief talks. China is Ghana\u2019s biggest bilateral creditor with $1.7 billion of debt, while the country owes $1.9 billion to Paris club members, according to data from the International Institute of Finance (IIF).\r\n\r\nReuters\u00a0reported first\u00a0earlier this month that Ghana was seeking debt treatment under the G20 programme.\r\n\r\nGhana, which secured a $3 billion staff-level agreement with the IMF in mid-December, has been hesitating on this request due to the long delays faced by other countries using the process.\r\n\r\nThe Common Framework, designed to allow for speedy debt restructuring, has been widely criticised for its glacial progress. Chad, Ethiopia and Zambia signed up in early 2021. While Chad secured a deal with creditors in November, Zambia is still locked in talks. Ethiopia\u2019s progress was held up by civil war.\r\n\r\nCountries seeking debt restructuring under the Framework will need greater certainty on processes and standards, as well as shorter and more predictable timelines,\u201d Georgieva said in the blog on Sunday."

"Debt Relief: IMF Chief corroborates reports of Ghana seeking G20 Common Framework"

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