When it was announced in 2023 that the African Union would become a full member of the G20, I darkly joked on a podcast that the AU’s entry into the body could very well mark the moment the G20 lost its status as one of the most important global coordination forums. Mark my words, I said, soon The Economist will be like “Uhhh, the G20 is OVER – it’s the ...
Tag: Janet Yellen
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WEEK IN REVIEW: Putin Urges BRICS to Develop SWIFT-Like Payment System
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WEEK IN REVIEW: Vietnamese Officials Preparing for Chinese President Xi Jinping Visit Next Week
Vietnamese officials are preparing for Chinese President Xi Jinping to visit Hanoi next Tuesday and Wednesday, well-placed sourced told Bloomberg. This will be Xi's first trip to Vietnam since 2017 and follows Hanoi's recent upgrade of diplomatic ties with both the U.S. and Japan. (BLOOMBERG) ...
WEEK IN REVIEW: China’s Top Diplomat Wang Yi Will Travel to Africa Next Week
China’s top diplomat Wang Yi will travel to Africa next week. He is attending a meeting of BRICS national security advisors in Johannesburg on 24 and 25 July. In addition to South Africa, he will also visit Nigeria, Kenya, and Türkiye. (CHINESE MINISTRY OF FOREIGN AFFAIRS)
Yet Another Failed G20 Debt Gathering
A meeting of finance ministers and central bank heads of the G20 group of leading economies produced few results despite increasingly shrill calls for action to help the roughly 50% of developing countries stalked by debt distress. Progress at the ministerial meeting, ...
Hichilema Refutes Western Accusations China Was to Blame for Delays in Zambia’s Debt Restructuring
Zambian President Haikinde Hichilema rejected longstanding accusations by Western governments and institutions that China was to blame for how long it took to reach a debt restructuring agreement. The president told Bloomberg TV after the deal was announced on Friday in ...
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In Paris, all eyes are on Chinese Premier Li Qiang, representing the People’s Republic at this week’s Summit for a New Global Financing Pact. China’s rise is perhaps the most important mega-trend that led to the current rethinking of the global development finance system, but it remains ...
WEEK IN REVIEW: Chinese President Xi Jinping Expressed Support for South Africa to Remain Host for BRICS Summit in August
Chinese President Xi Jinping expressed support for South Africa to remain host for the upcoming BRICS summit in August. Xi's comments during a call with his SA counterpart Cyril Ramaphosa on Friday indicate he may not support a change in venue that would reduce pressure on Pretoria to ...
U.S. Treasury Secretary, Chinese Premier Both Scheduled to Attend Global Financial Conference in Paris
U.S. Treasury Secretary Janet Yellen and Chinese Premier Li Qiang are both scheduled to attend the Summit for a New Global Financial Pact in Paris next week, where debt relief for the world's poorest countries is expected to be high on the agenda.
Lots of Talk, Little Action: Zambia’s Debt Relief Process Remains Stalled Says Finance Minister
Zambia's Finance Minister Situmbeko Musokotwane said it's urgent that the country's international creditors finalize a debt restructuring deal at once, or else a $188 million IMF emergency financial package could be at risk. Musokotwane expressed frustration in an interview with ...
China Boosted Pandemic-Era Debt Relief: Report
China’s role in debt renegotiation processes has become very controversial, with U.S. officials like Treasury Secretary Janet Yellen singling Beijing out as a “barrier” to resolving debt distress. However, a new report by a team of prominent Africa-China researchers argues that China conducted ...
Senior U.S. Diplomat Criticizes China’s Role in Sri Lankan Debt Restructuring
Yet another U.S. government official has added to the war of words between Washington and Beijing on debt restructuring. Ramin Toloui, Assistant Secretary for the Bureau of Economic and Business Affairs at the US Department of State, was asked about China’s ...