With new challenges and changes in the world order, countries across the globe are embracing new partnerships and risky engagements to fuel their economic growth. The economic crisis in SriLankaillustratesthischallengeofdebt sustainability and management among middle-income countries. This Brief uses the economic crisis in Sri Lanka as a case in point to highlight the following challenges: the China-led alternative financial system has severe implications for middle-income countries, and the G20 grouping and countries lack a coherent approach to deal with the piling debt burdens of middle-income nations. This Brief recommends the G20 grouping and countries to promote multilateral reforms, transparency, and swift response, as well as extend new initiatives to help middle-income countries address increasing debt burdens.
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