Yellen’s Comments on Zambia’s Debt Restructuring Draw Criticism From Chinese Embassy – Economics Bitcoin News
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In recent weeks, the Chinese Embassy in Zambia has been highly critical of comments made by US Treasury Secretary Janet Yellen regarding Zambia’s debt restructuring. Yellen recently said that the United States would support Zambia in its efforts to restructure its debt and urged creditors to provide debt relief to the African nation.
The Chinese Embassy, however, has argued that Yellen’s comments are “unhelpful” and “interfere in the internal affairs of Zambia.” The Embassy has also accused Yellen of “meddling” in Zambia’s debt restructuring process, which it claims is a matter for Zambia and its creditors to resolve.
Zambia is currently facing a severe economic crisis, with the country’s debt-to-GDP ratio standing at over 90%. The government has been trying to restructure its debt for some time, but has been unable to come to an agreement with its creditors.
Yellen’s comments appear to be in response to this impasse, as she urged creditors to provide debt relief to Zambia in order to help the country out of its economic crisis. The US Treasury Secretary also expressed her support for the International Monetary Fund’s (IMF) decision to provide a $1.3 billion loan to Zambia.
The Chinese Embassy, however, has argued that Yellen’s comments are “unhelpful” and “interfere in the internal affairs of Zambia.” The Embassy has also accused Yellen of “meddling” in Zambia’s debt restructuring process, which it claims is a matter for Zambia and its creditors to resolve.
The Chinese Embassy’s criticism of Yellen’s comments is indicative of the ongoing tensions between the US and China over economic issues. In recent years, the two countries have been locked in a trade war, and the US has also taken a hard line stance on China’s activities in the South China Sea.
It remains to be seen how Yellen’s comments will affect the debt restructuring process in Zambia. It is clear, however, that the Chinese Embassy is not happy with the US Treasury Secretary’s intervention in the matter.
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