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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 and the International Monetary Fund on Friday. Amitabh ...
Philippines Summons Chinese Ambassador Over Laser Incident at Sea
Philippine President Ferdinand Marcos summoned China's ambassador to express his "serious concern" over Monday's alleged use of a military grade laser by a Chinese Coast Guard vessel against nearby Philippines ships in the South China Sea. In Washington, U.S. State Department ...
FT Report Provokes Strong Response From U.S., UK Analysts Over China’s Duel With Multilateral Development Banks
FT’s claim (subsequently walked back) that the Zambian Finance Minister rejected China’s call to include the World Bank and other multilateral lenders in debt restructuring triggered responses from prominent commentators across Twitter. The reactions give an interesting glimpse into the complications raised ...
China’s Current Challenge of the Bretton Woods Institutions Has Been Years in the Making
China’s dispute with the Bretton Woods institutions dates back to at least the Obama era. The U.S. Congress refused to ratify a 2010 plan to recapitalize the IMF, which would have given large emerging economies enhanced voting rights because it could have affected the U.S.’s veto vote.
IMF Tells Sri Lanka to Gets Its Creditors in Line, Prompting Showdown With China
The Sri Lankan government suffered another setback in its ongoing effort to secure a $2.9 billion emergency financing package from the International Monetary Fund after the lender informed Colombo it would have to secure more assurances from its creditors, namely China, to provide debt relief. ...
Yellen Defends Bretton Woods Institutions Against Challenge From China, Accused Beijing of Acting as “Roadblock” in Zambia
U.S. Treasury Secretary Janet Yellen forcefully defended the primacy of the Multilateral Development Banks (MDBs) in response to China's demand that the World Bank and the International Monetary Fund also take losses on their loans to developing countries. Yellen called for sweeping reforms ...
Cambodia PM: If We Don’t Rely on China for Development Assistance, Then Who?
Cambodian Prime Minister Hun Sen wrapped up a three-day visit to Beijing on Friday that included meetings with his counterpart Li Keqiang and President Xi Jinping. The Cambodian leader went to Beijing with a big wish list that he's hoping China will fund, namely ...
What U.S. Policymakers Should Know About Chinese Basing Ambitions in Africa
U.S. military commanders regularly raise concerns about a possible second Chinese military base in Sub-Saharan Africa. However, despite rumors about possible footholds in countries like Equatorial Guinea, China’s strategic interest in Africa is relatively low, especially when compared with regions like Southeast Asia and the Middle East.
“We’re Not Competing With China” in Africa Says Linda Thomas-Greenfield
The United States’s people-to-people ties in Africa make it impervious to Chinese competition, said U.S. ambassador to the United Nations, Linda Thomas-Greenfield, in an interview with CNN. It's interesting to compare it with remarks by her colleague Jose W. Fernandez, the Under-Secretary for Economic ...
China Leverages African Media Outlets to Hit Back on Debt
Emerging Chinese government messaging on debt is now showing up in African publications via state-owned media outlets like Xinhua. This comes as Beijing is increasingly focusing on the role of Western lenders in Global South debt distress. WHY IS THIS IMPORTANT? China ...
South Africa Turned Down Invitation for Join Naval Exercises With U.S., Choosing Russia and China Instead
South Africa is apparently not interested in conducting joint naval exercises with the United States, opting instead to proceed with controversial exercises later this month with both Russia and China. U.S. Navy Rear Admiral Chase Patrick, Director, Maritime Headquarters, U.S. Naval ...
China-IMF Spat Over Debt Relief Intensifies Following Fund Chief’s Call for Beijing to Change Its Ways
The war of words between China and Western-led multilateral institutions about developing country debt is escalating. China’s party-owned tabloid Global Times has reacted to a recent CBS 60 Minutes interview with International Monetary Fund (IMF) Managing Director Kristalina Georgieva, in which she said: "China has to change its policies ...