Earlier this year, International Monetary Fund (IMF) staff issued a guidance note entitled “Information Sharing in the Context of Sovereign Debt Restructuring.” It did not attract the amount of attention it deserves. To the extent that the Guidance Note results in key economic information regarding the sovereign debtor being shared with creditors at an earlier stage in the restructuring process, it can reduce delays—for the benefit of all stakeholders. In an environment where debt distress remains elevated for a significant number of low income and emerging-market countries, this is a timely…
