On Tuesday, Spanish Economics Minister Nadia Calvino said Europe could not disregard China’s position as a crucial commercial partner and geopolitical player that might help resolve the Ukrainian crisis or give debt relief to low-income nations.
“I think we cannot just turn our back to China and attempt to ignore it,” Calvino told an Atlantic Council event in Washington, D.C.
“We have a common interest, I think, in ensuring that they participate constructively to put an end to the crisis in Ukraine as quickly as possible and to avoid global market fragmentation, which will be lose-lose for everyone.”
After French President Emmanuel Macron stated Europe should take time to strengthen its position as a third pole between China and the US, Calvino, who leads the IMFC committee advising the IMF board, made the remarks on the sidelines of the IMF spring conference.
During this week’s World Bank and IMF meetings in Washington, Calvino advocated for China’s larger role in debt relief for developing nations.
“We must strengthen our shared safety net for vulnerable nations, including China. I hope they participate constructively in these conversations as a major creditor.”
In three years, top Chinese officials will visit Washington summits.
With rising inflation, borrowing costs, and a strong currency, a record number of developing nations face a financial crisis.
Sri Lanka, Zambia, and Ghana have defaulted on their foreign debt and are negotiating with creditors, notably China Export-Import Bank.
Calvino wanted to provide these countries with financial relief later this year.
Western officials say Beijing’s delayed action on debt treatment cases has slowed the G20’s shared framework for low-income nations.
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