Chinese authorities will participate in financial obligation roundtable in India

Chinese officials will attend debt roundtable in India

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The People’s Bank of China head office in Beijing.

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China’s financing minister and its reserve bank guv will participate in a roundtable with other lenders and some loaning nations in February in India, IMF Managing Director Kristalina Georgieva stated in a CBS 60 Minutes interview on Sunday.

“China has to change its policies because low income countries cannot pay,” she stated.

“What we are working towards is to bring all creditors, the traditional creditors from advanced economies, new creditors like China, Saudi Arabia, India, as well as the private sector, and put them around the table with the debtor countries.”

Georgieva stated last month the very first such event will occur on the sidelines of a conference of Group of 20 financing authorities in India.

Georgieva, the very first individual from an emerging market economy to head the International Monetary Fund, has actually stated financial obligation relief was important for greatly indebted countries to prevent cuts in social services and other effects.

“China is going to participate at the level of minister of finance and the governor of People’s Bank of China,” she informed 60 Minutes.

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