China revamps debt appraisal framework for Belt and Road programme
© Reuters. Chinese President Xi Jinping meets with Sri Lanka's President Ranil Wickremesinghe, who is in Beijing for the third Belt and Road Forum for International Cooperation, at the Great Hall of the People in Beijing, China October 20, 2023.
The new guidelines, released after this week's third Belt and Road Forum, halve to 10 years the time Chinese financial institutions and those of other BRI nations"are encouraged" to use in making macroeconomic projections, leading to a more prudent approach in assessing growth risks. Expanding this definition should bring into the fold"middle-income" countries such as crisis-hit Sri Lanka, which has been seeking debt restructuring assurances from China similar to those available to"low-income" countries via the G20-led Common Framework.
China's loans to lower and middle-income countries were worth $170 billion by the end of 2020, World Bank data shows.
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