Xi calls on main creditors to take part in debt reduction, suspension for developing countries

November 15, 2022 14:52 Xinhua

BALI, Indonesia — International financial institutions and commercial creditors, which are the main creditors of developing countries, should take part in the debt reduction and suspension for developing countries, Chinese President Xi Jinping said in Bali, Indonesia on Nov 15.

The International Monetary Fund should speed up the on-lending of SDRs to low-income countries, Xi said at the G20 summit.

China is implementing the G20’s Debt Service Suspension Initiative (DSSI) in all respects, and has suspended the largest amount of debt service payment among all G20 members, Xi said.

Meanwhile, China is working with some G20 members on the debt treatment under the Common Framework for Debt Treatment beyond the DSSI, thus helping relevant developing countries navigate through the difficult time, Xi said.