Employees arrange the Saudi Arabian flag during the final preparations before world leaders gather for the official family photograph on day one of the G20 leaders summit at the convention center of La Nuvola, in Rome, October 30, 2021.Employees arrange the Saudi Arabian flag during the final preparations before world leaders gather for the official family photograph on day one of the G20 leaders summit at the convention center of La Nuvola, in Rome, October 30, 2021.
But results have proven elusive, hampered by a combination of a lack of progress in bringing key creditors around the table and getting them to commit to joint action, and establishing debt parametres that form the basis of talks as well as political upheaval in some of the countries. “It isn’t a perfect instrument. I take responsibility for that as being one of the negotiators,” Guillaume Chabert, IMF deputy strategy chief who helped design the Common Frameworkduring his time at the Paris Club, told a panel in Washington.
Chabert said there was still a chance Chad’s creditors would fail to finalise their memorandum of understanding or its biggest private creditor, commodities firm Glencore, would back out, which would effectively halt existing IMF and World Bank programs. Chabert said that in addition to speeding up the process, it was important to ensure the comparability of treatment for the much more diverse set of creditors now involved.