The International Monetary Fund's (IMF) president, Kristalina Georgieva, has indicated that her organization has contacted debtor countries' creditors to try to resolve their debts.

She claims that the major argument behind their campaign is the urgency of preventing the spread of financial crisis at a critical juncture for the world economy.

Debt resolution is the process of working with your creditors to come to a deal that will satisfy the debt for less than what is outstanding.

Georgieva identified the struggling countries in an interview with an American broadcaster, CBS, which included Lebanon, Suriname, Sri Lanka, Ghana, and three other African states.

“So far, the countries that are in debt stress are not systemically significant to trigger that crisis (debt distress contagion globally), let’s just look at the map. Which are these countries, Chad, Ethiopia, Zambia, Ghana, Lebanon, Suriname and Sri Lanka.

“It is very important for their people that we find a resolution to the debt problem but the risk of contagion is not as high,” she assured.

However, she emphasized that the IMF will need to recalculate some of its statistics and take more drastic measures to safeguard the world economy if the risk persists and 25% of emerging markets are wading in debt trouble.

Last November, when the budget was presented by Minister of Finance Ken Ofori-Atta, Ghana officially acknowledged its debt-distress status. In order to stabilize the economy, the government has also reached a staff-level agreement for a $3 billion facility.

The Paris Club is an informal alliance of creditor nations that meets once a month in the French capital to discuss practical solutions to the debtor nations' financial issues.

The original eleven members have now become twenty: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Israel, Italy, Japan, the Netherlands, Norway, Russia, Spain, Sweden, Switzerland, the UK, and the USA.