China’s Premier Vows to Work With G-20 on Debt Restructuring

pictureDeveloping nations may need to find as much as $2.5 trillion over five years to meet external debt-service costs. Photo: Bloomberg

(Bloomberg) — Chinese Premier Li Keqiang promised the International Monetary Fund that Beijing will work with Group of 20 nations to formulate “fair and equitable” debt-restructuring plans for developing countries struggling with repayments.

The nation will implement the G-20’s Debt Service Suspension Initiative (DSSI) in all respects, Li said in a meeting Thursday with IMF Managing Director Kristalina Georgieva, according to a release from the Ministry of Foreign Affairs. China will strengthen policy coordination with all parties, including the crisis lender, to tackle global challenges such as debt, he said.