Bu konuda

DDR: Handle with Care

According to a December 2021 IMF blog post co-authored by Peter Breuer, the current IMF Senior Mission Chief for Sri Lanka and the Maldives, and two other IMF staffers, restructuring domestic debt is like surgery: You only do it if you must, and you avoid it if it might do more harm than good!
Emerging markets have seen domestic debt increase from 31% of the total sovereign debt to 46% over the past 20 years; that means restructuring domestic debt is often an inescapable, or inevitable, eventuality for a country mired in a debt crisis. Restructuring external debt (altering the terms, such as the amount or repayment period) requires deft negotiation skills. Negotiations could last several years, denying access to international capital markets for the duration.
On the other hand, domestic debt restructuring (or DDR) is very different. It is far easier because a government can alter the terms by changing domestic laws. By doing so, they can avoid far costlier consequences of external restructuring, like losing access to international capital markets. However, the downside is that domestic debt tends to be held by local creditors - banks and superannuation funds like the EPF - and the sovereign malaise spreads to the rest of the economy.
DDR can surely help negotiations with external creditors, but securing the stability of the domestic economy and its financial system remains the state's prerogative, argue the IMF staffers. In other words, DDR may be necessary, but not if it causes more problems. The Sri Lankan government recently called for voluntary domestic debt optimization.

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