In a new piece for OMFIF, BWC Member Mark Sobel analyzes recent approaches to address widespread debt distress in low- and middle-income countries. While reform at the country level is essential, the IMF plays a central role in shaping outcomes and has often leaned toward treating distress as temporary liquidity issues rather than solvency problems. Ultimately, he argues the IMF should more forcefully use its influence to push for greater debt relief and create fiscal space for sustainable reforms, even if that requires breaking from consensus.

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All views expressed by members are their own and not reflective of the views of the Bretton Woods Committee.