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(Un)Common Framework, a little cheer in South Africa

Zambia has become the latest country – after Chad and Ethiopia – to seek debt restructuring under the G20’s Common Framework, but tough negotiations lie ahead and few other countries are likely to go down a similar path. In South Africa, virus-related developments this week provided some reason to cheer, but the economic backdrop remains gloomy. And the bar for additional monetary stimulus appears to be quite high.

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