The US Treasury urges China and other large creditors to address poorer nations' debt .

The US Treasury urges large creditors, including China, to take coordinated action to address the "generational challenge" of poorer nations struggling with unmanageable debt burdens. Jay Shambaugh, US Treasury undersecretary for international affairs, calls for action from official and private creditors, as well as international financial institutions, to help indebted countries facing rising debt service payments and falling inflows of funds. Cumulative net debt flows from Chinese creditors to more than 40 countries since 2019 are now negative.

April 11, 2024
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