India says China should take losses in debt rework

About 60% of the world’s poorest nations are in or at high risk of debt distress, IMF data show.— Reuters

NEW DELHI: India has called on China to be willing to take losses on loans to struggling economies, and has asked the world’s biggest bilateral creditor to help developing countries to avoid taking positions that would block relief for nations such as Zambia and Sri Lanka.

“China needs to come out openly and say what their debt is and how to settle it,” said Amitabh Kant, the sherpa for India during its presidency of the Group of 20 (G-20) forum of the world’s biggest economies this year.