Sovereign debt stress is a significant concern for many emerging markets and developing economies. The recent World Bank International Debt Report highlights major challenges ahead, with most debt stemming from market borrowing, traditional development lenders, and newer Chinese lenders. A new set of creditors, Southern-led multilateral development banks (MDBs), has emerged, growing rapidly and becoming important lenders in their regions. These MDBs, unlike the legacy MDBs such as the World Bank, have different shareholdings, governance, and operational priorities. […]