“Just between 2000 and 2021, the share of public and publicly guaranteed external debt of low and lower-middle income countries (other than that held by IFIs) owed to bondholders jumped from 10 to 50 percent, while the share owed to China rose from 1 to 15 percent. Meanwhile, the share held by the 22 predominantly Western members of the Paris Club of official lenders fell from 55 to 18 per cent. Thus, co-ordinating creditors in a comprehensive debt restructuring operation has become far harder, because of their greater number and their diversity.“
