One of the most anticipated components of the Spring Meetings of the World Bank and the International Monetary Fund (IMF) in Washington DC this year was a global sovereign debt roundtable meant to revitalise the under-performing system to restructure public debt. This is because the world is going through a severe sovereign debt crisis, and one which the international financial architecture has by and large failed to effectively address. The effects of the pandemic and relief spending, along with the worldwide inflationary environment created largely by big Western stimulus packages and the Russian invasion of Ukraine, have resulted in sharply higher interest rates and affected government finances in multiple developing countries. As IMF Managing Director Kristalina Georgieva has noted, about 15 per cent of low-income countries are in distress, while another 45 per cent are facing high debt vulnerabilities. Existing systems, however, were not able to respond to this crisis beca
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