Global Sovereign Debt Roundtable 6th Cochairs Progress Report

Overview & Synopsis

The Global Sovereign Debt Roundtable (GSDR) continues to support progress on further improving restructuring processes; stepping up support for countries with a strong reform agenda and sustainable debt but facing short-term financing challenges; and enhancing debt transparency, debt management, and sovereign investor relations. Since the GSDR last met at Principals level in October 2025, the GSDR has advanced its work on: (i) restructuring processes, including to accelerate the restructuring of non-bonded commercial debt, and support improvements in overall processes; (ii) help implementation of the three-pillar approach, including through contribution from official bilateral creditors and support to country authorities considering liability management operations (LMOs) with credit enhancements; and (iii) foster progress on data transparency, debt management and debtor-investor relations. On debt restructuring, the GSDR helped advance practical solutions to accelerate the restructuring of bank loans and other non-bonded commercial debt. The GSDR held close engagement on these issues with the private sector, in particular through the London Coalition, and welcomed the elaboration by the London Coalition of the Implementation Guide to Restructuring Private Sector Sovereign Loans which is now referenced in the updated version of the Restructuring Playbook. The Guide provides a useful voluntary, non-binding reference document for supporting restructuring negotiations between the debtor and its banks and other non-bonded commercial creditors, including the possible formation of a Loan Creditor Committee. The GSDR also welcomed the parallel efforts envisaged by the London Coalition and other stakeholders to restore institutional knowledge within the bank community on how to undertake efficient restructurings, through workshops and outreach, as well as the work engaged, together with the Paris Club and the Institute of International Finance, to clarify how different claims are treated in a restructuring process, in particular with regards to private loans backed by an export-credit agency (ECA). Two important improvements also received broad support: the early publication of the parameters against which comparability of treatment will be assessed; and the publication of an implementation table to monitor the finalization of bilateral agreements with official bilateral creditors.