Development Futures: Towards a more inclusive sovereign debt architecture
The Group of 20 Common Framework was established in October 2020 as stress in sovereign debt levels of low-income countries began to emerge. However, the Framework is yet to substantially deliver on its objective of providing relief to those countries.
Mariza Cooray, Senior Economist at the Lowy Institute’s Indo-Pacific Development Centre, discusses the Common Framework and the broader debates on issues in sovereign debt reform with experts Ugo Panizza and Mitu Gulati.
Together, they explore why the Framework has failed, given the modern creditor landscape, whether the ongoing emerging market debt crises are as serious as those in the 1990s, the appetite for a global bankruptcy court, odious debt, and other policy issues that prevent the progress of a more inclusive sovereign debt architecture.