’IMF, World Bank are key counterweights to China?’US Yellen’s remark debunked with facts, statistics

AFP: US Treasury Secretary Janet Yellen said yesterday that institutions like the IMF and the World Bank reflect American values and serve as a counterweight to unsustainable lending from others like China. She also said she doesn’t think China should qualify for the World Bank’s loans. Do you have any response to Yellen’s comments?   Wang Wenbin: The IMF and the World Bank are multilateral financial institutions and platforms that reflect the trend towards greater democracy in international relations and advance international cooperation on the basis of fully taking into account the interests of all member states. The IMF is not the “International Monetary Fund of the United States”, neither is the World Bank for that matter. China has always carried out investment and financing cooperation with developing countries in keeping with international rules and the principle of openness and transparency. We never attach any political strings to such cooperation, nor do we seek any selfish political interests. We have been helping developing countries relieve debt burdens, and made the biggest contribution to implementing the G20 Debt Service Suspension Initiative.  I would also like to say that according to World Bank statistics, multilateral financial institutions and commercial creditors account for more than 80 percent of the sovereign debt of developing countries. They are the biggest source of stress on developing countries in terms of debt payment. Since last year, the US has launched unprecedented massive interest rate hikes, making the debt problems of certain countries even worse and sending more shock waves through the global financial market. The US needs to take concrete steps to help developing countries, engage multilateral financial institutions in being part of the solution to debt treatment, rather than introduce geopolitical confrontation into multilateral financial institutions. __________________ ShanghaiEye focuses on producing top-quality contents. Nobody knows SHANGHAI better than us. Please subscribe to us ☻☻☻ __________________ For more stories, please click ■ What’s up today in Shanghai, the most updated news of the city ■ Amazing Shanghai, exploring the unknown corners of the city, learning the people, food and stories behind them ■ What Chinese people’s lives are like during the post COVID-19 period ■ Views of foreign scholars on China and its affairs ■ Foreign faces in Shanghai, people living in this city sharing their true feelings ■ Mini-docs showing why China is the country it is today __________________ ☎Leave us messages if you have any suggestions or questions! Thank you!