Debt restructuring framework must improve to help distressed nations, Pakistan's ex-central banker says
Global bodies like the IMF need to step up and improve the framework for sovereign debt financing so that emerging market economies, like Sri Lanka, can get out of their debt distress problems faster, says the former central bank governor of Pakistan.
Baqir also highlighted the outlook for emerging markets "has deteriorated very sharply" over the past two years despite some recent improvement in appetite. Sri Lanka "stopped paying its creditors in spring of last year and it's been close to nine months, and we are still waiting for a meeting of the IMF board," noted Baqir. "We need a more proactive response from the international financial community."
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