Debt restructuring process fails to include China, delays relief agreements
The Common Framework, a global plan to restructure debt for poor countries, has struggled to reach agreements with new and traditional creditors. Different creditors' conflicting interests have made it hard to implement the Framework and agree on new financial terms. The process has turned into individual negotiations on how to restructure debt and the terms involved. China's involvement, a new aspect of the Framework, has caused delays instead of promoting consensus. Even after almost three years, there is still no effective model for coordinating debt relief internationally that includes Chinese policy banks.