Western countries this week ratcheted up their criticism of China, the world's largest bilateral creditor, as the main obstacle to moving ahead with debt restructuring agreements for the growing number of countries unable to service their debts.
U.S. Treasury Secretary Janet Yellen said on Friday that high inflation, tightening monetary policies, currency pressures and capital outflows were increasing debt burdens in many developing countries, and more progress was urgently needed.
"Really, the barrier to making greater progress is one important creditor country, namely China," she said. "So there has been much discussion of what we can do to bring China to the table and to foster a more effective solution." The world's poorest countries face $35 billion in debt-service payments to official and private-sector creditors in 2022, with more than 40% of the total due to China, according to the World Bank.told Reuters in an interview
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