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The fund will freeze out China if that is what it takes to offer relief | Finance & economics

(Bloomberg) -- The world’s largest creditors should take coordinated and decisive action to address the “generational challenge” of poorer nations struggling with unmanageable debt burdens, a top US Treasury official said, aiming specific criticism at China, the biggest lender to emerging markets. Most Read from BloombergUS Sees Imminent Missile Strike on Israel by Iran, ProxiesVietnam Tycoon Lan Sentenced to Death Over $12 Billion FraudUS Slams Strikes on Russia Oil Refineries as Risk to Oil Ma

(Bloomberg) -- The world’s largest creditors should take coordinated and decisive action to address the “generational challenge” of poorer nations struggling with unmanageable debt burdens, a top US Treasury official said, aiming specific criticism at China, the biggest lender to emerging markets. Most Read from BloombergIsrael Bracing for Unprecedented Direct Iran Attack in DaysApple Plans to Overhaul Entire Mac Line With AI-Focused M4 ChipsRussian Attacks on Ukraine Stoke Fears Army Near Break

A blog by Ruth Kattumuri, Mac Banda and Richard Ough from the Economic, Youth & Sustainable Development Directorate of the Commonwealth Secretariat.

One of the most serious challenges facing the global economy today is the impending sovereign debt crisis in many middle- and low-income countries. The fiscal outlook in some of these countries appeared dire even before interest rates started climbing and spending related to COVID-19 caused debts to soar. Several economies face growing debt service payments at a time when capital is flowing out from the developing world. These pressures are bearing down on more countries and involve a larger amount of sovereign debt than at any other time in recent history.