Global finance leaders single out China as barrier to faster debt relief

WASHINGTON - Western countries this week ratcheted up their criticism of China, the world's largest bilateral creditor, as the main obstacle to moving ahead with debt restructuring agreements for the growing number of countries unable to service their debts.

But she said a more effective debt restructuring process was also needed, and China had a big role to play. Zambia, Chad and Ethiopia have applied to restructure under this new, yet-to-be tested mechanism. Sri Lanka is set to start talks with bilateral creditors including China after a US$2.9 billion staff level agreement with the IMF under a similar platform.

Spanish Finance Minister Nadia Calvino, who chairs the IMF's steering committee, said on Thursday that there was increasing concern about China not participating fully in debt relief efforts, noting that China had not sent officials to participate in person at this week's IMF and World Bank meetings.

straits_times And just how much money did these bystanding “global finance leaders” loaned out?

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