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White House Official Blames China for the Failures of the G20’s DSSI

Daleep Singh, U.S. Deputy National Security Adviser and G7 & G20 Sherpa

The White House’s point person on G7 and G20 affairs, Daleep Singh, singled out China for the failures of the G20’s Debt Service Suspension Initiative (DSSI). “The DSSI and the Common Framework is not impactful enough right now,” said Singh during an online discussion on Wednesday organized by the Center for Strategic and International Studies in Washington. “China is by far the largest official bilateral creditor, multiples larger than Paris Club lenders, and we just need more participation,” he explained the Deputy National Security Advisor.

Singh also criticized China’s lending practices in developing countries for the opacity of its loan contracts, the insistence on full repayment of debts, and for tying collateral to loans that is wholly unrelated to the asset itself.

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