IMF's Gopinath says 'lot more' work needed to help countries reduce debt levels

The Group of 20 countries need to step up their efforts to help low-income countries deal with high levels of debt, the No. 2 official at the International Monetary Fund said on Tuesday.

First Deputy Managing Director Gita Gopinath told reporters that 60% of low-income countries were in or at high risk of debt distress, and would find it increasingly difficult to service their debts, but the G20 Common Framework needed to be revamped to deliver debt restructuring agreements more quickly.

"It has made some progress, but a lot more is needed to actually get it to deliver on its promise" to help countries with unsustainable debt levels, she said.