The US wants China to help adjust countries’ debts

The US Treasury Secretary Janet Yellenassured that he is willing to work with China on issues of mutual interest such as debt restructuring in emerging economies, among other global challenges.

Willingness Yellen, who is in India to participate in meeting of finance ministers and central banks of the G20it comes a week after the finance minister’s trip to Beijing to meet with China’s economic leadership.

“There is still a lot of work to do, but I think this trip was an important start. I look forward to building on the foundation we established in Beijing to mobilize more action.“, the secretary said at a press conference in the Indian city of Gandhinagar, where the third meeting of the G20 finance chiefs under the Indian presidency will begin on Monday.

The United States is putting a lot of pressure on China so that, together with other creditor countries and financial institutions, it participates in the debt restructuring of several economies in development and in crisis such as Sri Lanka or Zambia.

“Last week’s visit served as a step forward to put our relationship on a more secure footing and establish a resilient and productive communication channel,” he said, referring to his trip to Beijing.

As in the last two G20 financial meetings, The United States assures that it will prioritize pressure on official bilateral creditorsincluding China, to seek meaningful debt relief for struggling emerging economies.

“This week I will continue to advocate for full and timely participation of all creditors bilateral officials in pending debt restructuring cases”, he noted.

Association members G20 and organizations like the world bank and International Monetary Fund (IMF) they are trying to undertake reforms that enable them to provide the necessary assistance.

The United States will seek to increase financial aid to Ukraine deal with the war with Russia and will push for debt restructuring at the G20 financial meeting, the US Treasury Secretary said.

“The key priority this week is redouble our support for Ukraine as it continues to defend itself against Russia’s illegal and unprovoked attack– said Yellen at the press conference.