IMF Says China Shifting on Debt Restructuring After Being Burned
- Countries unable to pay helping focus Beijing, Georgieva says
- China offering to host technical meetings on debt overhaul
Kristalina Georgieva
Photographer: Patrick T. Fallon/AFP/Getty ImagesThis article is for subscribers only.
The International Monetary Fund’s chief said China is shifting its thinking about participating in debt restructuring after being confronted by countries unable to pay what they owe, signaling hope the world’s second-largest economy will help provide relief for distressed nations.
China — now the biggest lender to developing economies — has joined traditional western creditors from the Paris Club in recognizing the need to create a better mechanism for debt overhauls, Kristalina Georgieva said in an interview with Stephanie Flanders, the head of economics and government at Bloomberg News, at the Milken Institute Global Conference in Beverly Hills, California.