Countries in debt can now follow a step-by-step guide to restructure their loans

The World Bank and IMF have published a playbook for countries that need to restructure their national debt. It lays out the typical steps and processes for negotiating with creditors when a country defaults.

For years, countries facing default had to navigate complex, often opaque negotiations with their creditors. This document provides a clear, public roadmap for those discussions. It means that the process of restructuring sovereign debt, which used to be a bespoke, high-stakes negotiation, now has a standard operating procedure.