Glimmers of hope for swifter debt restructurings?

Shifts in China’s approach in debt talks with Zambia and planned changes to the Common Framework, such as establishing firm timelines, will go some way to smoothing the debt restructuring process for affected EMs. For now, though, there are reasons to be cautious and debt negotiations will generally remain long and arduous. Other countries facing debt problems, such as Ghana and Tunisia, could face a prolonged period locked out of international capital markets.