Covid-19 challenges IMF debt-restructuring framework

Photo: Henrik Gschwindt de Gyor/IMF

The International Monetary Fund’s current sovereign debt-restructuring framework needs adjusting to address new challenges associated with Covid-19 crisis, a former IMF official says.

The IMF’s current debt-sustainability criteria may not suit the highly uncertain nature of the Covid-19 crisis, Sean Hagen, former general counsel at the IMF, says in a recent report.

The fund should introduce a new “standstill” debt-restructuring agreement that would give countries a year or two of “breathing

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