Treasury Secretary Janet L. Yellen criticized China's opaque lending practices and called for accelerated debt relief to support low- and middle-income countries facing rising debt burdens.
Yellen emphasized the heavy debt loads on poorer nations, which hinder their abilities to invest in essential areas such as sustainable development, pandemic preparedness, and climate change initiatives.
In light of backlash against the I.M.F. and World Bank for slow responses and demands for economic reforms that have led to resistance, Yellen acknowledged the need for comprehensive debt relief.
While recognizing progress in multilateral institutions under the Biden administration, Yellen reinforced that global debt remains a pressing issue necessitating broader, more effective international relief efforts.
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