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.

"Everyone agrees Russia should stop its war on Ukraine, and that would address the most significant problems that Africa faces," Yellen told reporters at the International Monetary Fund and World Bank annual meetings in Washington. As China is the missing piece in the puzzle of a number of debt talks under way in developing markets, the Group of 20 launched in 2020 a Common Framework to bring creditors such as China and India to the negotiation table along with the IMF, Paris Club and private creditors.

Spanish Finance Minister Nadia Calvino, who chairs the IMF's steering committee, told Reuters in an interview 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.

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