Volume 25, Numbers 3 & 4 / September/December ,
Sovereign Debt Sustainability, Debt Relief Initiatives and Restructurings in the COVID-19 Era
Multinational Finance Journal, vol. 25, no.3/4, pp. 115-149
Michael G. Papaioannou , International Monetary Fund    Corresponding Author
George Tsetsekos , Drexel University

This paper examines the causes, processes, and outcomes of the sovereign debt restructuring episodes that occurred during 2020-2021 in the context of the prevailing IMF sovereign debt restructuring framework and the G20 debt relief initiatives for LICs instituted as a result of the Covid-19 economic implications. The central role of debt sustainability analysis in the IMF sovereign debt restructuring framework is presented for both low-income countries and countries that maintain market access. Based on the observed salient features of the recent restructurings, we point out common traits in the behavior of involved stakeholders and draw lessons on facilitating sovereign and creditor attributes for efficient sovereign debt resolutions.

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