"The Common Framework has not yielded the expected results quickly for those who have sought to use it for debt restructuring, but we are observing encouraging signs," stated Georgieva during a press conference held on the occasion of the World Bank and IMF Annual Meetings, which continue until October 15.

These delays are gradually decreasing, she added, noting that it took, for example, eleven months to assist Chad, nine months for Zambia, six for Sri Lanka, and five for Ghana.

The objective now is to maintain this positive trajectory, said the head of the IMF, adding that consultations on this matter are ongoing with other countries, including Ethiopia, to achieve better results.

Georgieva also praised the diversity of this Common Framework, which for the first time brings together traditional creditors from the Paris Club and new creditors, such as China, Saudi Arabia, India, Brazil, the United Arab Emirates, as well as those from the private sector.

"However, this diversity requires constant attention to increase the efficiency and speed of this mechanism without abandoning it because its absence would mean a return to a much less predictable environment," she warned.

Regarding debt cancellation, Georgieva emphasized that such a measure would be "extremely difficult" to implement due to the multitude of creditors and the differences in configurations.

To proceed with debt restructuring, she believed that a realistic and objective evaluation of the situation in each country should be favored, with the involvement of all relevant stakeholders.

Creativity is also required, Georgieva continued, citing the IMF's efforts to accelerate debt restructuring during the pandemic.