Report Wire - ‘Very fruitful exchange,’ says IMF chief after roundtable with China on debt points

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‘Very fruitful exchange,’ says IMF chief after roundtable with China on debt points

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India Today Web Desk

International Monetary Fund (IMF) chief Kristalina Georgieva, on Friday, cited “fruitful exchange” with China on debt points.

New Delhi,UPDATED: Dec 10, 2022 09:08 IST

File picture of International Monetary Fund (IMF) Managing Director Kristalina Georgieva. (Photo: Reuters)

By India Today Web Desk: International Monetary Fund (IMF) Managing Director Kristalina Georgieva, on Friday, mentioned that she had a “fruitful exchange” with Chinese counterparts on debt points.

The International Monetary Fund chief mentioned this in an announcement issued on the conclusion of the seventh “1+6” Roundtable convened within the province of Anhui by the Chinese authorities. Georgieva, World Bank President David Malpass and different monetary leaders met in particular person in China’s Anhui province this week with officers from the People’s Bank of China, China’s finance ministry and its EXIM Bank and China Development Bank.

The focus of this 12 months’s roundtable was on ‘Strengthening Multilateral Cooperation for Global Common Development.’

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She praised and welcomed the decisive actions taken by the Chinese authorities. “We had a very fruitful exchange. We need to build on the momentum of the agreement on Chad’s debt treatment and accelerate and finalize the debt treatments for Zambia and Sri Lanka, which would allow for disbursements from the IMF and multilateral development banks,” mentioned Georgieva

She additional added that they talked about how they’ll “prevent individual cases of debt distress from triggering a global debt crisis.”

“The application of the G20 framework must become much faster and more predictable, and it needs to reach a broader set of countries We also see space for a platform for more systematic engagement on debt issues, where China can play an active role,” the IMF chief added.

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She recommended the Chinese authorities actions that have been taken to stabilize the economic system “in this very difficult time.”

“The Chinese economy faces complex challenges: the ongoing COVID 19 pandemic, pressure from difficulties in the property market, and slowing global demand. In that context, we welcome very much the decisive actions taken by the Chinese authorities,” the IMF chief mentioned.

World Bank President David Robert Malpass welcomed assist voiced by Premier Li Keqiang for a “systematic engagement on debt” through the conferences, and underscored the necessity for clear disclosure of China’s mortgage contracts, and elimination of non-disclosure and non-restructuring clauses and hidden collateral and escrow preparations.

Edited By:

Manisha Pandey

Published On:

Dec 10, 2022