US urges China to boost participation in G20 debt response
(VOVWORLD) - The United States on Wednesday urged China and the private sector to increase their participation in a G20 debt moratorium for low-income countries hammered by the COVID-19 pandemic.
 (Photo: tribune.com.pk) |
A senior US Treasury official said Washington is open to expanding the common framework for debt treatment agreed by the G20 and the Paris Club beyond just low-income countries to include small island states, fragile states, and even some lower middle-income countries with high debt burdens.
G20 finance officials will review progress on the debt issue when they meet in Venice this Friday and Saturday.
The official said Washington will urge G20 countries to continue providing fiscal stimulus to aid the global recovery, and make transformative investments to address climate change and income equality.
The World Banks said most of the world’s least developed countries owe debts to the G20 countries, with China being the biggest creditor.