Two of the world’s most powerful finance officials are visiting Zambia this week, a reflection of the growing concern shared by Western officials about how China and other creditors are handling the African country’s debt.
[File Image] : International Monetary Fund Managing Director Kristalina Georgieva attends a news conference following a meeting[File Image] : International Monetary Fund Managing Director Kristalina Georgieva attends a news conference following a meeting
Frustrated by the delays, U.S. Treasury Secretary Janet Yellen and International Monetary Fund Managing Director Kristalina Georgieva arrived for separate visits in Zambia on Sunday. Both see a new sovereign debt round table introduced late last year as a way to make progress on long-stalled debt restructuring processes.
The specific date and guest list are still being worked out. Georgieva, who helped initiate the round table along with World Bank President David Malpass, told reporters this month it aimed to resolve broader issues such as transparency, timing of treatments and how to set cutoff dates for loans, but was not intended to replace the existing Common Framework.
Former senior Treasury official Mark Sobel said the round table could bring parties together for talks but it remained unclear if it would deliver results.
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