that commercial banks and bondholders account for more debt repayments than multilateral institutions or other governments.
“Every dollar spent on servicing debt means a dollar less towards healthcare, the education of women and girls and tackling climate change,” said Sarah Champion, chair of the International Development Committee, in a statement. “It is time for a reset.” The International Monetary Fund and the World Bank have both expressed support for such legislative steps. And last month, BlackRock Inc. and Standard Chartered Plc took part in closed-door talks co-led by the IMF focused on fixing bottlenecks that prevent quick sovereign debt restructuring.
The rise of private lending to poorer nations has led to an increase in debt-servicing costs and more complex debt restructurings. World Bank data indicate that the poorest countries now spend more on servicing their debt as a proportion of gross national income than at any point in the past three decades.
“Without sustained and effective intervention by the international community to tackle their debt distress, the development impacts of spiralling debt could have a catastrophic impact” on poor countries, the legislators said in a statement.
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