U.S. Treasury Secretary Janet Yellen said on Sunday she was 'eager' to work with China on areas of mutual interest, including debt restructurings for poorer countries, and that multilateral development banks needed reforms before capital increases could be considered.
US Treasury Secretary Janet Yellen attends a climate roundtable at the US embassy in Beijing on July 8, 2023. Pedro Pardo/Pool via REUTERS/File Photo
"There is much more work to do. But I believe this trip was an important start," Yellen said. "I am eager to build on the groundwork that we laid in Beijing to mobilise further action." Yellen said she would continue to push hard at the G20 meeting, in Gandhinagar in the northwestern Indian state of Gujarat, for "full and timely participation of all bilateral official creditors on pending debt restructurings".
She said a debt restructuring "user guide" was needed for borrowing countries and other stakeholders to provide clarity about the process.
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