G7 to enlist G20 in helping keep tabs on developing-nation debt

Concerns over increased Chinese lending prompt push for greater transparency

20230710N Sri Lanka

Sri Lankans wait to buy gas in Colombo in April 2022. The country became the first middle-income country to default the following month. © Reuters

HANA SLEVIN OHAMA, Nikkei staff writer

TOKYO -- The Group of Seven advanced economies will call on members of the Group of 20 to join a data-sharing framework for developing- and emerging-country debt, after a recent study revealed a total discrepancy of $6.5 billion between creditor and debtor records.

The framework aims to provide greater transparency regarding debt in order to prevent excessive borrowing and allow for a quick response to a crisis.

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