This week, the largest bilateral creditor in the world, China, came under increased fire from the West for being the main impediment to the implementation of debt restructuring agreements for the growing number of nations unable to pay their loans.
The debt burdens in many developing countries are rising, according to U.S. Treasury Secretary Janet Yellen, who stated that more progress is urgently required. She cited factors such as high inflation, tightening monetary policies, currency pressures, and capital outflows.
She claimed that she spoke about those topics in numerous meetings and over dinner with African finance ministers. The finance ministers of Africa’s wealthier nations also met with the G7, who are concerned that the conflict in Ukraine is diverting attention and resources away from their more urgent problems.
At the annual meetings of the International Monetary Fund and the World Bank in Washington, Yellen told reporters that ‘everyone thinks that Russia should end its assault on Ukraine, and that would address the most important issues that Africa faces.’
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