On Sunday, US Treasury Secretary Janet Yellen stated that she was “Eager” to collaborate with China on matters of common interest.
Debt restructuring for developing nations, and that multilateral development banks need reform before capital increases could be taken into consideration.
Prior to a gathering of the finance ministers and central bankers of the Group of 20 in India, Yellen gave a press conference where she claimed that her recent visit to Beijing had helped to “stabilize” US-China relations and that the two largest economies owed it to the rest of the world to “cooperate on areas of mutual concern.”
China’s unfair trade policies continue to be a source of worry, leading Washington to put penalties on Beijing.
They haven’t actually been addressed, she claimed. According to Yellen, US businesses desire a climate that would allow them to “invest and thrive in China”.
Yellen asserts that Washington will continue to prevent Russia from obtaining the weapons and technological advancements that Moscow requires for its invasion of Ukraine.
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Janet Yellen’s Commitment To Debt Restructuring
India, which is the G20 chair this year, has taken a largely neutral stance on the conflict, urging a diplomatic solution and sharply increasing its purchases of Russian oil even as Western countries try to put pressure on Moscow.
India has generally refrained from blaming Russia for the invasion Moscow launched in February of last year.
Yellen stated that she will continue to fight for “full and timely participation of all bilateral official creditors on pending debt restructurings” at the G20 meeting in Gandhinagar, in the state of Gujarat in northwest India.
She claimed that although the negotiation process took too long, disagreements were resolved after talking about Zambia’s reorganization with her Chinese counterparts.
In order to give zero-interest loans to the world’s poorest nations, the Poverty Reduction and Growth trust of the IMF, according to Yellen, needs to be placed on more stable financial ground.
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Source: www.reuters.com