Changes necessary for debt restructuring - IMF Chief

COLOMBO (News 1st) - IMF chief Kristalina Georgieva told Reuters Next on Friday (2) that changes to the G20 Common Framework on debt restructuring were needed to speed up debt treatments, freeze debt service payments once a country requested help, and open the process to middle-income countries like Sri Lanka.

"We are concerned that there is a risk for confidence in debt resolution to be eroded at a time when the level of debt is very high," Georgieva said.

"We don't see at this point ... a risk of a systemic debt crisis," she said, adding that countries in debt distress were not large enough to trigger a crisis that would threaten financial stability.

Source: Reuters