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Systemic Reform of the International Debt Architecture is Yet to Start

Author: Yuefen Li
Source: The South Centre
Year: 2021

The COVID-19 pandemic has pushed the reform of the international debt architecture to the policy agenda. Up to now policy measures to address the crushing debt burden of developing countries have focused on boosting time-bound liquidity provision, which is insufficient in amount and restrictive in scope as debt-ridden and pandemic struck middle income countries have not been covered. Even the implementation of these policy measures has been hindered by existing systemic problems. The reform of the debt architecture is yet to start. However, complacency seems to emerge. The risk of “wasting” the crisis should be avoided.

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