Amid Pakistan crisis, IMF says China must change its debt policy
1 year, 10 months ago

Amid Pakistan crisis, IMF says China must change its debt policy

Live Mint  

International Monetary Fund Managing Director Kristalina Georgieva, in an interview with CBS's 60 Minutes on February 5, stated that China's finance minister and Central bank governor would participate in a roundtable with other creditors and other borrowing countries in February in India. About a quarter of China's GDP comes from the real estate sector, which has slowed the country's economic expansion, particularly after Beijing began to crack down on developers' heavy reliance on debt in 2020. Georgieva, the first IMF director from a developing market economy, has stated that debt reduction is essential for highly-indebted countries in order to prevent social service cuts and other negative effects. The amended Circular Debt Management Plan has been requested by Pakistani authorities, who also requested that the IMF lower the required additional subsidy from its original objective of ₹687 billion to ₹605 billion.

History of this topic

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