Yellen ‘enthusiastic’ to work with China on debt, other global challenges

India, this year’s G20 presidency, has sought a near-neutral stance on the war, has largely avoided blaming Russia for the aggression it launched last February, and has urged a diplomatic solution, urging Western powers to It has also significantly expanded its purchases of Russian crude oil. Tries to put pressure on Moscow.

Yellen said she will continue to push for “the full and timely participation of all bilateral official creditors in the pending debt restructuring” at the G20 meeting in Gandhinagar, Gujarat, northwestern India. .

He said he had discussed Zambia’s restructuring with the Chinese side and that the negotiations had taken too long, but the differences had been overcome.

“Instead of starting from scratch each time, we should apply the common principles we agreed on with Zambia to other cases, and we have to move faster,” Yellen said, referring to debt settlements in Sri Lanka and Ghana. He added that he hopes the project will be completed soon.of International Monetary Fund The (IMF) may proceed with a review of its first lending program this fall.

He said there was a need for a “user guide” to clarify the debt restructuring process for borrowing countries and other stakeholders.

Yellen said the IMF’s Poverty Reduction and Growth Trust, which provides interest-free loans to the world’s poorest countries, needed a stronger financial base. He said the US Treasury Department is ready to help the IMF consider options for this, including using internal resources.