Follow CGSP on Social Media

Listen to the CGSP Podcast

With an Eye on China, G7 Finance Ministers Call on G20 Bilateral Creditors to Keep Their Debt Freeze Promises

by Eric Olander
US Secretary of the Treasury Steven Mnuchin testifies before the House Financial Services Committee on Capitol Hill on June 30, 2020 in Washington, DC. Tasos Katopodis / POOL / AFP

U.S. Treasury Secretary Steven Mnuchin hosted a teleconference with his fellow finance ministers from the Group of Seven rich countries on Monday and the burgeoning debt crisis in the world’s poorest countries was high on the agenda. 

The finance chiefs called on G20 creditors to make good on their promises to suspend repayments for highly indebted countries. This was widely interpreted by some economists as a subtle critique of the Chinese who’ve been reluctant to freeze repayments of loans from one of its policy banks, the China Development Bank (CDB), as well as loans extended to African borrowers from some state-owned enterprises.

Lead the Conversation on China

Subscribe Today to Get Full Access to The China-Global South Project

Check Out Everything You'll Get With Your Subscription

The China-Global South Daily Brief delivered to your inbox at 6AM Washington time

Full access to exclusive news and analysis from editors based in the Global South

Transcripts of CGSP’s twice-weekly podcasts

Students and teachers with a valid .edu email address are eligible for a 50% discount off monthly or yearly subscriptions. Email us to receive a discount code.

You Might Like

G20 Again Pays Lip Service to Developing World Debt Relief But Still Refuses to Do Anything To Resolve the Crisis

Finance ministers and central bank heads from the world’s twenty largest countries wrapped up their latest get-together in Jakarta on Friday without any meaningful progress on the burgeoning debt crisis in ...

India Adds to Mounting Pressure on China to Resolve Debt Relief Impasse With IMF, World Bank

The Indian government called on China to stop blocking the debt restructuring process for the world’s poorest countries, adding to the pressure on Beijing ahead of a critical meeting with the World Bank ...

IMF Considers Circumventing China for Sri Lanka’s Emergency Debt Relief

The International Monetary Fund may have found a way to unblock the impasse with China that’s blocked Sri Lanka’s $2.9 billion emergency financial package. The IMF, according ...

What is The China-Global South Project?

Independent

The China-Global South Project is passionately independent, non-partisan and does not advocate for any country, company or culture.

News

A carefully curated selection of the day’s most important China-Global South stories. Updated 24 hours a day by human editors. No bots, no algorithms.

Analysis

Diverse, often unconventional insights from scholars, analysts, journalists and a variety of stakeholders in the China-Global South discourse.

Networking

A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.