Article

2023-06-15 International-UN-NGOs

Yellen: US Needs to Lend More to IMF, other Global Institutions to Bolster Influence

[Epoch Times] The United States needs to have a greater leadership role in the International Monetary Fund (IMF) and other international financial institutions to support impoverished countries and limit China’s influence, according to Treasury Secretary Janet Yellen.

Yellen appeared before the House Financial Services Committee, defending a proposal to bolster the government’s participation in the IMF’s New Arrangements to Borrow program to ensure financial support for the organization’s resources. Yellen also requested authorization to extend financing to the IMF’s two critical trust funds—the Poverty Reduction and Growth Trust and the Resilience and Sustainability Trust—and bolster U.S. involvement in the African Development Fund and the International Development Bank.

In recent years, as part of its Belt and Road Initiative (BRI), Beijing has served as a substantial lender to many poor countries, such as Ghana and Sri Lanka. But a chorus of U.S. officials, including the Treasury secretary, have expressed growing concern about how China engages with impecunious countries, eventually leaving them trapped in significant levels of debt without achieving the broader aim of economic development.

It’s estimated that the People’s Bank of China maintains a 5 percent interest rate on its loans. This is higher than the IMF’s 2 percent.

Experts say that the Chinese government has initiated restructuring discussions with its borrowers, but Rep. French Hill (R-Ark.), vice chair of the House Financial Services Committee, said that China keeps dragging out these talks.

Posted by Bobby 2023-06-15 08:13|| || Front Page|| [20 views ] Top
File under: Tin Hat Dictators, Presidents for Life, & Kleptocrats

#1 It's always easy to spend other peoples money.

Posted by Procopius2k 2023-06-15 08:41|| 2023-06-15 08:41|| Front Page Top

#2 Fuck You.

Posted by DarthVader 2023-06-15 09:20|| 2023-06-15 09:20|| Front Page Top

#3 Didn’t we just have a debt ceiling emergency?

Posted by Super Hose 2023-06-15 09:54|| 2023-06-15 09:54|| Front Page Top

#4 Heroin addict waking up from overdose after Narcan is administered:

"Man, that was close. I'm ready for another hit now..."

Posted by M. Murcek 2023-06-15 10:08|| 2023-06-15 10:08|| Front Page Top

#5 Ditto #2

Posted by AlanC 2023-06-15 11:16|| 2023-06-15 11:16|| Front Page Top

#6 We need to borrow more from China to lend to the IMF to give away without hope of repayment in most cases, so the UN-Centric IMF can compete with China's Belt and Road, which is paid for by the profits China makes from selling their stuff to the West? Really, when our national debt is over 33 trillion so far? YJCMTSU!

Posted by NoMoreBS 2023-06-15 11:56|| 2023-06-15 11:56|| Front Page Top

#7 Is this the same Janet Yellen who is in favor of de-dollarizing the world economy, which would vastly reduce our influence? Or is there some other Janet Yellen out there saying these things?

Posted by Tom 2023-06-15 14:14|| 2023-06-15 14:14|| Front Page Top

#8 YJCMTSU!

I couldn't. But it sounds like Yellen just did.

Posted by Abu Uluque 2023-06-15 14:34|| 2023-06-15 14:34|| Front Page Top

#9 My God woman.

We just committed to building a rail line from the US Pacific across The Indian Ocean. What more do you want?

Posted by swksvolFF 2023-06-15 16:20|| 2023-06-15 16:20|| Front Page Top

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17:52 NN2N1
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