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Yellen says 'concerned' debt relief could aid Chinese lenders
by AFP Staff Writers
Washington (AFP) June 10, 2021

US Treasury Secretary Janet Yellen said Tuesday she was concerned that Chinese lenders could benefit from an international debt relief initiative aimed at poor countries.

In April, G20 countries including the United States agreed to extend until December a moratorium on debt interest payments for the poorest nations, amid fears they will lag behind in the global recovery from the coronavirus pandemic.

Chinese financial institutions are among the top lenders to lower-income countries, and Yellen told a House Appropriations subcommittee that she aims to ensure the relief -- meant to help poor countries spend to revitalize their economies after the pandemic -- doesn't end up in China's hands.

"We have spoken with China about their participation. They have promised to participate as equal partners in these debt frameworks," she told lawmakers.

"We would be very concerned to see the resources that are provided to these countries used to repay Chinese debt. That would defeat the purpose of the programs."

In prepared remarks before the committee, Yellen also encouraged the US Congress to allocate money to the debt relief measure, which is being implemented by the IMF and World Bank.

Of the 73 countries eligible for debt relief, 47 have asked to participate in the program, and are expected to save $7.3 billion in debt payments between the start of the year and June 30, according to the World Bank.


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Markets wobble in Asia as blockbuster data fan taper fears
Hong Kong (AFP) June 4, 2021
Asian markets fluctuated Friday after another set of bumper US economic data reinforced recovery optimism but added fuel to concerns that the Federal Reserve will be forced to tighten its ultra-loose monetary policies sooner than expected. Wary traders were also keeping tabs on China-US relations after Joe Biden almost doubled the number of firms included on an investment blacklist, in the latest move to show he has no intention of easing pressure on Beijing despite Donald Trump's exit. Closely ... read more

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