With the Nigerian government ruminating over the idea of debt restructuring, the International Monetary Fund (IMF) has said, it is in discussion with creditors on finding parameters that would align debt restructuring, debt relief with the impact of the climate crisis.
Much of African countries' debt has moved from traditional creditors such as the Paris Club, to new creditors such as China and a very diverse group of private creditors, with many struggling with debt servicing and bowed under the heavy debt burden.
Speaking at the Press Briefing on the Global Policy Agenda, the IMF managing director, Kristalina Georgieva, noted that, the Fund and the World Bank are working on speeding up the common framework on debt restructuring. "I do hear the legitimate calls of African countries, not only African countries, but countries also all over the world that are burdened by debt, especially painful to see when some of this debt is because of climate-related shocks, because of a problem these countries have done nothing to create. But we need to assess objectively and realistically. Debt cancellation requires all creditors to agree.
"We also have to think about how we can better align debt restructuring, debt relief with the impact of the climate crisis. We at the IMF, we are doing some work in this area. It is not easy, but that kind of thinking of a solution that may not have existed before that can help countries obviously is something we must all pursue.
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