The Rockefeller Foundation and its partners on Wednesday proposed an initiative to help heavily indebted developing countries access fresh funds to grow their economies, undertake needed investments and tap private capital flows.
Three top development experts said the new Growth and Investment Reset was aimed at staving off deep debt distress for more low- and lower-middle income countries by co-ordinating the efforts of the International Monetary Fund (IMF), World Bank, bilateral official creditors and private lenders.
It aims to inject affordable financing into countries saddled with high debt levels and stop them from using low-interest multilateral loans to pay off debts to bilateral creditors such as China, the authors said in a…