WASHINGTON — 

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said she had "rich talks" with her Chinese counterparts this week on her repeated calls to speed up the debt settlement of countries including Zambia and Sri Lanka. exchange of results".

Georgieva, World Bank President David Malpass and other financial leaders met with officials from the People's Bank of China, China's Ministry of Finance, China Export-Import Bank and China Development Bank in Anhui province this week. official.

Georgieva said the discussions involved a common debt-handling framework to be established by China, the United States and other major G-20 economies by the end of 2020, as well as the specific circumstances under which some countries seek debt relief.

The implementation of the common framework process has been halted, and only one country, Chad, has completed the debt processing process, but the related agreement has not led to any real reduction in Chad's debt.

Zambia is working to complete debt restructuring by the first quarter of 2023.

"We need to build on the good momentum of the Chad debt settlement agreement to expedite and finalize the Zambia and Sri Lanka debt settlements so that the IMF and multilateral development banks can make disbursements," Georgieva said in a statement Say.

Georgieva said new cases of debt crises are emerging at a time when global financial conditions are tightening.

"We discussed how to prevent the debt distress of individual countries from triggering a global debt crisis," she said, calling on all parties to accelerate the application of the G20's debt management framework in a more predictable way and need to cover a wider range of countries.

Speaking at the meeting, Malpass said discussions focused on the urgent need to make more rapid progress on the debt issue, adding that "a change in China's position is critical to that effort."

He welcomed Premier Li Keqiang's proposal for "systemic debt engagement" during the meeting, and stressed the need for transparent disclosure of China's loan contracts, removal of confidentiality and non-restructuring clauses, and hidden collateral and escrow arrangements.

"Increased transparency will help investors make informed decisions, build trust and expedite the debt reconciliation and restructuring process," he said.

Georgieva said she "also sees room for a more systematic engagement platform on debt issues, in which China can play an active role," without giving further details.