US Treasury Secretary Janet Yellen speaks during a press conference at the US Embassy in Beijing, China, 09 July 2023. EFE-EPA/MARK R. CRISTINO

Yellen open to US-China collaboration on global debt issues

Gandhinagar, India, July 16 (EFE) – US Treasury Secretary Janet Yellen expressed her willingness to collaborate with China on mutual interests, including debt restructuring for emerging economies, and other global challenges.

Yellen made the statement during a meeting of finance ministers and central bank governors from the world’s top 20 economies, held in the western Indian city of Gandhinagar.

Her remarks come after a high-stakes visit to China aimed at easing tensions between the two nations. During the visit, Yellen emphasized the importance of both countries working together to address global challenges.

“As the world’s two largest economies, we have an obligation to the people in our nations and the world to cooperate on areas of mutual concern,” she said.

The US treasury secretary noted that her visit to China “served as a step forward in putting our relationship on surer footing and establishing a resilient and productive channel of communication.”

The US has been exerting significant pressure on China to join other creditor countries and financial institutions in debt restructuring for various developing and crisis-hit economies like Sri Lanka and Zambia.

Yellen said she would continue to push for full and timely participation of all bilateral official creditors on pending debt restructuring cases.

She said she looked forward to working with her counterparts to support macroeconomic stability and growth around the world.

G20 members and organizations like the World Bank and the International Monetary Fund (IMF) are working on reforms to provide necessary assistance to these countries. EFE