Dr Yellen said she was “eager” to work with China on areas of mutual interest. Read more at straitstimes.com.
GANDHINAGAR, India – US Treasury Secretary Janet Yellen said on Sunday she was “eager” to work with China on areas of mutual interest, including debt restructuring for poorer countries, and that multilateral development banks needed reforms before capital increases could be considered.
United States corporations want to see an environment where they could “invest and thrive in China”, Dr Yellen said. India, which chairs the G-20 this year, has sought a largely neutral stance on the war, generally declining to blame Russia for the invasion Moscow launched in February 2022, urging a diplomatic solution and sharply boosting its purchases of Russian oil even as Western nations seek to squeeze Moscow.
“We should apply the common principles we agreed to in Zambia’s case in other cases – rather than starting at zero every time. And we must go faster,” Dr Yellen said, adding that she hoped debt treatments for Sri Lanka and Ghana could be finalised quickly so the International Monetary Fund could move forward with initial loan programme reviews this fall.
Dr Yellen also laid out a number of next steps for the evolution of the World Bank and other multilateral development banks, but said that any exploration of capital increases for the institutions can only be considered after implementing reforms aimed at expanding their role beyond poverty reduction toShe repeated her estimate that multilateral development banks could collectively boost lending by US$200 billion over a decade from internal resources through balance sheet reforms now being...
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