Publication

This policy brief discusses the future of sovereign debt restructuring and presents an agenda for further reform. The authors argue that little has been done to reduce the inhibitions debtor countries face in dealing with creditors to prevent and treat sovereign debt distress. To help address this reform lacuna, they recommend the implementation of a Sovereign Debt Forum (SDF), revisions to the terms of the IMF’s Flexible Credit Line, and improvements to borrower and lender codes of conduct.