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G7 Finance Ministers Step Up Criticism of China Over Global South Debt Relief, China Blames U.S.

by Eric Olander
U.S. Treasury Secretary Janet Yellen accused China of blocking progress on debt relief for developing countries. Jim WATSON / AFP

China’s apparent refusal to send officials to last week’s annual meetings of the World Bank and International Monetary Fund prompted widespread criticism from G7 finance ministers who accused Beijing of not doing enough to help resolve the growing debt crisis in Africa and other developing regions.

Spanish Finance Minister Nadia Calvino, who chairs the IMF’s steering committee, said China needs to do more on this issue, and the fact that Beijing didn’t show up at the IMF and World Bank’s fall meetings in Washington, D.C. last week isn’t helping.

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