Global finance leaders single out China as barrier to faster debt relief

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.
She said she discussed those issues during a dinner with African finance ministers and in many other sessions. The Group of Seven rich nations also met African finance ministers, who worry that the focus on the war in Ukraine is draining resources and attention from their pressing concerns.