China cites US debt issue to deflect pressure on Africa debt
The Chinese government says the U.S. should stop pressuring it on debt relief for Zambia and focus on averting a government default at home with possible repercussions for the global economy
By AP News
Published - Jan 25, 2023, 04:15 AM ET
Last Updated - Jun 23, 2023, 01:02 AM EDT
BEIJING (AP) — The Chinese government says the United States should stop pressuring it on debt relief for Zambia and focus on averting a government default at home with possible repercussions for the global economy.
The Chinese embassy in Zambia responded Tuesday to remarks by U.S. Treasury Secretary Janet Yellen, who said on a visit to the African nation this week that it’s crucial to address its heavy debt burden with China.
Chinese development banks have emerged as major lenders to poorer countries around the world for natural resource, transport and power projects, though that lending has fallen sharply and steadily since 2016, according to Boston University's Global Development Policy Center.
