China Counters US Claims on IMF and World Bank: Transparent Cooperation and Debt Relief

2023-06-14 20:45:30

The Chinese spokesperson’s statement comes after Treasury Secretary Janet Yellen said both global financial institutions “reflect American values” and “serve as a counterbalance to opaque and unsustainable lending by others, such as China.”

In this regard, the Beijing official regretted Yellen’s words and insisted that the Asian country has always carried out transparent cooperation in terms of investment and financing with developing economies.

“The IMF and the World Bank are multilateral financial institutions that reflect the trend toward greater democracy in international relations and promote international cooperation on a basis that includes all the interests of their member states,” Wenbin said.

Unlike Washington, Beijing has never imposed political conditions to support other countries or pursued any “selfish political interest,” the spokesman said.

“We have helped developing countries get rid of their debt burden and have made the biggest contribution by implementing the G20 Debt Suspension Service Initiative,” Wenbin said.

In addition, he questioned the functioning of the World Bank or the International Monetary Fund as financial support entities.

“According to World Bank statistics, multilateral financial institutions and commercial creditors account for more than 80% of developing countries’ sovereign debt. They are the biggest source of stress for developing countries in terms of debt repayment” , concluded.

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