At a press conference in Marrakech during the Annual Meeting of the International Monetary Fund (IMF) and the World Bank, Kristalina Georgieva, managing director of the IMF, has renewed her call to accelerate debt restructuring processes in distressed countries that request.

Georgieva has highlighted the importance of creativity in the so-called “Common Framework”, an initiative supported by the G20 countries. Although this approach has not produced quick results in the past, the economist reports that there has recently been encouraging progress in processing requests for assistance.

The managing director mentioned concrete examples, such as Chad, who completed his restructuring in 11 months; Zambia, in 9 months; Sri Lanka, in 6 months; and the current ongoing negotiations for Ethiopia, which Georgieva hopes will continue to move forward similarly.

The “Common Framework” not only involves the traditional creditors of the Paris Club, but also features new creditors such as Saudi Arabia, China, Brazil and the Arab Emirates, as well as private creditors and representatives of borrowing countries, all working together.

Georgieva showed understanding towards countries’ complaints about their debt burden, especially when it relates to the effects of climate change, a problem for which these countries are not responsible.

Regarding the cancellation of debt in countries in difficulty, Georgieva acknowledged that this measure is extremely difficult, since it requires the unanimous agreement of all participants in the “Common Framework” round table.

K. Tovar

Source: Bancaynegocios

(Reference image source: Unsplash+)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada The director of the IMF wants debt restructuring apareció primero en Bitfinance.

BlockFi, the bankrupt cryptocurrency lender, has begun receiving offers for its mining business assets and expects more before its February 20 deadline.

According to BlockFi’s lawyer, Francis Petrie, the company wants to get offers as soon as possible to take advantage of current market conditions.

The auction will take place about a week later, and any proposed deals will be submitted for approval in March. BlockFi filed for bankruptcy in November with plans to sell or reorganize its business to repay its creditors.

Unsold assets will be reorganized as part of a proposal to exit bankruptcy. The company was a major financier of bitcoin miners who have been hit by low cryptocurrency prices and high electricity costs, through loans backed by mining equipment.

Profitability has increased in recent months due to lower energy costs. The bankruptcy of bitcoin miners and lenders has created a growing market for distressed assets.

Companies like Bitdeer and Grayscale have set up funds and entities to invest in distressed Bitcoin mining hardware.

K. Tovar

Source: Diariobitcoin

(Reference image source: file)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram

La entrada BlockFi starts selling mining assets apareció primero en Bitfinance.

This Tuesday, the president of the World Bank, David Malpass, reported that the crisis and financial climate that has occurred this last year has led the organization to fulfill the responsibility of raising the world’s economies, especially in Latin America.

In this sense, aid has been allocated to the most vulnerable populations, helping to strengthen international trade and the possibility of restructuring government debt with private investors, as reported by the organization’s representative.

Understanding the situation that has been experienced this last year on a global scale, Latin American countries have resorted to debt to be able to pay for spending on social programs and economic stimulus, generating significant weight in the organization, which has led the Bank to reconsider the possibility that the poorest countries pay off their debt as soon as possible while the recovery takes place.

Malpass reported that during the year “we have been working on the moratorium on payments and the G20 has also presented a common framework for debt reduction, which recognizes that the burden and payment of the existing debt is using a very important fiscal space. in the countries.”

Also ensuring that this space “is needed for social safety nets, for education, health, for the basic needs of people”, which means that “If countries are paying their creditors, that exhausts resources available.”

K.Villarroel

Source: elpais

La entrada World Bank calls to avoid extension of debt crisis in Latin America apareció primero en Bitfinance.