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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Breaking News

Breaking News

China will attend IMF conference in Washington following COVID-19 postponement

IMF LOGO PHOTO CREDIT: Jerry Owilli IMF LOGO PHOTO CREDIT: Jerry Owilli
IMF LOGO PHOTO CREDIT: Jerry Owilli IMF LOGO PHOTO CREDIT: Jerry Owilli

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After three years of virtual participation due to COVID-19 restrictions, top Jin Liqun, Asian Infrastructure Investment Bank CEO, will attend.

Beijing and Washington, presently at war over Taiwan, have also disagreed over China’s assistance for emerging economies.

Washington has accused Beijing of “dragging its heels” in debt relief discussions for cash-strapped states. China, the world’s largest bilateral creditor, contends that multilateral lenders like the IMF should also suffer risks.

Chinese officials will attend Washington’s World Bank and IMF spring meetings this week.

China’s central bank informed Reuters that People’s Bank of China governor Yi Gang and a deputy governor would attend this week’s sessions. However, the Ministry of Finance did not comment when asked if finance minister Liu Kun will travel to Washington this week as scheduled.

Zambia, Sri Lanka, and Ghana are negotiating debt restructuring with China Export-Import Bank.

After two years of online sessions owing to the epidemic, the IMF and World Bank held annual in-person meetings last October. Unfortunately, Unfortunately, Unfortunately, China did not participate due to its tight COVID rules.

Liu joined the February G20 conference in Bengaluru, India, via video connection, ending speculation that Kun would finally meet with U.S. Treasury Secretary Janet Yellen.

During the latest IMF debt restructuring discussion, held in February on the margins of the G20 meetings, China was the only country with the central bank and finance ministry representatives.

PBOC deputy governor Xuan Chengneng represented China at that meeting. Yi and Liu were absent.

Reuters requested comment from the China EXIMBANK, which attended that conference and is slated to visit Washington.


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