Even before the Covid-19 pandemic, many analysts were worried about debt distress in African and Asian countries along ­China’s Silk Road Economic Belt and Maritime Silk Road.

Now, we are more likely to see borrowers in these Belt and Road Initiative (BRI) countries try to restructure debts.

Many countries have borrowed heavily from ­Chinese lenders — such as the Export-Import Bank of China and China Development Bank — to invest in pipelines, roads, airports, railways, ports and other ­infrastructure.