The US Treasury Minister Yellen called on China to accelerate the support of debt reorganization to poor countries, especially to provide debt reduction for Zambia.She also said that the Twenty Group (G20) Finance Ministers held in India this month made requests to China.
Comprehensive Reuters and Bloomberg reported that Yellen on Thursday (February 9) said in the Q & A session after a speech and the International Research Center in Washington Think Tank, saying that China has been delaying debt restructuring becauseThe Chinese government requires the World Bank, International Monetary Fund and other institutions to undertake debt reduction and exemption of trapped countries.
Yellen said that through many dialogues with Chinese financial officials, including talking with Chinese Deputy Prime Minister Liu He in Zurich last month, she believes that "China understands the problem and may be willing to work hard to get moreProgress quickly. "However, some wider questions, such as whether international financial institutions are involved in debt restructuring, are hindering the progress of debt restructuring.
She said, "China lacks the willingness to participate in comprehensive participation and timely action, which is indeed an obstacle." China really needs to go to the negotiating table.
Yellen said that as far as the debt restructuring of Zambia, she hopes to see China make progress faster in this issue.
G20's financial and monetary policy leaders, the International Monetary Fund (IMF), and the World Bank will hold a meeting in Bangalol, India this month.During the period, the global sovereign debt round table will be held. Representatives of governments, borrowers, and borrowers of private sector will gather challenges facing the challenges.Yellen expects to attend the meeting at that time.
Zambia has become a key test of the so -called debt restructuring common framework of G20.The framework allows traditional Western creditors to sit in front of the same negotiating table with China.China hopes that multilateral banks will also provide debt reduction to Zambia as part of the debt restructuring agreement, but it is clearly rejected by the World Bank.
Zambia became the first sovereign default during Africa's first crown disease in 2020. Since then, it has been working hard to reorganize more than $ 17 billion (about S $ 22.5 billion) in foreign debt, of which more than one -third of them reasons.China holds.
