As reported by international news agency Reuters, the United States is "eager" to cooperate with China’s authorities on areas of mutual interest, primarily on debt restructurings for poor nations.
According to US Treasury Secretary Janet Yellen, her recent trip to Beijing has helped policymakers realize that the US and China have certain obligations to other countries. Whereas cooperation on debt issues can be a great starting point to live up to these commitments.
Thus, the world's two largest economies reached agreements on debt restructurings for countries in distress such as Ghana, Zambia, and Sri Lanka, which had been forced to turn to the International Monetary Fund for financial help.
In addition, the head of the US Treasury Department said that the IMF needed a certain "user guide" that would provide clarity on debt restructuring.
A clear set of rules on poverty reduction and the process of granting zero-interest loans to the world's poorest countries would help the IMF gain a sounder financial footing, Yellen pointed out.
She also noted that the US Treasury Department was ready to assist the IMF in developing an effective plan to use the fund's resources.
However, debt relief for the world's poorest nations was not the only topic of discussion. "One of our core goals this year is to combat Russia's efforts to evade our sanctions," Janet Yellen stressed, adding that the United States had plans to redouble support for war-stricken Ukraine.
