After U.S. Treasury Secretary Janet Yellen called China a barrier to debt reform in Africa this week, Chinese officials in Zambia had a pointed response - get your own house in order.
U.S. national debt is about $31 trillion, a figure that has skyrocketed since 2000's $5.6 trillion thanks in part to increased spending for an aging population, outlays for Iraq and Afghanistan wars, COVID-19 programs and tax cuts that trimmed revenues.in Zambia Sunday to highlight the need for debt reform in Africa.
Zambia defaulted on its debt in 2020 and has made little progress to restructure it with Chinese and private creditors to date, a situation that has helped pushed citizens into poverty. The world's poorest countries faced $35 billion in debt-service payments to official and private-sector creditors in 2022, more than 40% of which was due to China, the World Bank said.
The U.S. Federal Reserve's rate increases, designed to tame inflation at home, and the appreciating U.S. dollarReporting by Andrea Shalal; Writing by Heather Timmons, Editing by William Maclean
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Yellen pushes for China to address Zambia’s big debt burdenU.S. Treasury Secretary Janet Yellen, on the second leg of an African tour aimed at promoting American investment and ties, said Monday it’s crucial to immediately address Zambia’s heavy debt burden with China.
Read more »
China and Russia are bringing their growing military cooperation in AfricaTop Russian diplomat Lavrov said U.S. officials think 'only they can conduct exercises around the world,' as he defended joint Russia-China-South Africa drills.
Read more »
Yellen says debt-limit standoff risks ‘self-imposed calamity’Treasury Secretary Janet Yellen said in an interview Saturday she expects Congress will ultimately vote to raise America’s debt limit, but GOP demands for spending cuts in return for backing an increase are “a very irresponsible thing to do.”
Read more »
Yellen dismisses minting $1 trillion coin to avoid federal defaultTreasury Secretary Janet Yellen said the Federal Reserve likely wouldn’t accept a $1 trillion platinum coin if the Biden administration tried to mint one to avoid breaching the debt limit.
Read more »
U.S. Treasury's Yellen says IRS needs to be 'completely redone'U.S. Treasury Secretary Janet Yellen on Sunday said rebuilding the Internal Revenue Service would be one of her top priorities in coming years, putting her squarely at odds with Republicans who have taken control of the House of Representatives.
Read more »
U.S. wants to see quicker progress on World Bank reforms- YellenU.S. Treasury Secretary Janet Yellen on Sunday said the United States wanted to see quicker progress on the World Bank's plans for expanding its lending capacity to address climate change and other global crises.
Read more »