US Treasury Secy Janet Yellen 'eager' to work with China on debt, other global challenges
Janet Yellen said on Sunday she was «eager» to work with China on areas of mutual interest, including debt restructurings for poorer countries, and that multilateral development banks needed reforms before capital increases could be considered. In remarks prepared for a press conference before a meeting of Group of 20 finance ministers and central bankers in India, Yellen said her visit to Beijing last week helped put the U.S.-China relationship on «surer footing» and that the world's two biggest economies had an obligation to the world «to cooperate on areas of mutual concern».
«There is much more work to do. But I believe this trip was an important start,» Yellen said.
«I am eager to build on the groundwork that we laid in Beijing to mobilise further action.» Washington will continue to cut off Russia's access to military equipment and technologies that Moscow needs in the invasion of Ukraine, Yellen said. «One of our core goals this year is to combat Russia's efforts to evade our sanctions.
Our coalition is building on the actions we've taken in recent months to crack down on these efforts,» she added. India, which chairs the G20 this year, has sought a largely neutral stance on the war, generally declining to blame Russia for the invasion Moscow launched in February last year, urging a diplomatic solution and sharply boosting its purchases of Russian oil even as Western nations seek to squeeze Moscow.
Yellen said she would continue to push hard at the G20 meeting, in Gandhinagar in the northwestern Indian state of Gujarat, for «full and timely participation of all bilateral official creditors on pending debt restructurings». She said she discussed Zambia's restructuring with her Chinese counterparts and, although it
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