YouTube screengrab of Timothy D. Adams, President and CEO, IIF.
But the IIF, which last month issued a rallying call to the private sector to join the initiative, has written to the heads of the International Monetary Fund , World Bank and Paris Club to raise the concerns of creditors about their involvement in such a move. The creditors pointed to concerns over finding agreement on the value of assets such as bonds, terms for private sector participation and whether the initiative will trigger a wave of sovereign debt downgrades and defaults, which could pose implications for benchmark indexes and capital flows.“Creditors have highlighted significant concerns that the DSSI could curtail international market access for countries that currently have it," Adams wrote in the letter seen by Reuters.
Another question surrounded the rules controlling new external financing sought by countries while using the initiative.
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