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Beijing tells US to fix own debt problems after Yellen calls China a barrier to solving Zambia crisis

  • Chinese embassy in Zambia responds to US Treasury secretary’s comment that progress from China on a debt deal with Zambia had taken too long
  • Yellen says she discussed Zambia debt with Chinese Vice-Premier Liu He in Davos last week and ‘our talks were constructive’

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On Tuesday, US Treasury Secretary Janet Yellen told Zambian Finance Minister Situmbeko Musokotwane that the timely conclusion of Zambia’s debt treatment was a top priority for the US Treasury. Photo: Bloomberg
Beijing has called on the United States to clear up its own debt issues before making accusations about Chinese lending in Africa, after US Treasury Secretary Janet Yellen said China was a “barrier” to ending Zambia’s debt crisis.
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A statement released by the Chinese embassy in Zambia on Tuesday said the best prospect for debt issues outside America would be “the US Treasury Department solving the US’ own domestic debt problem”.

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China-funded infrastructure across Africa force difficult decisions for its leaders

China-funded infrastructure across Africa force difficult decisions for its leaders

“In fact, the biggest contribution that the US can make to the debt issues outside the country is to act on responsible monetary policies, cope with its own debt problem and stop sabotaging other sovereign countries’ active efforts to solve their debt issues,” the embassy statement said.

“Even if the US one day solves its debt problem, it is not qualified to make groundless accusations against, or press for, other countries out of selfish interests, because it cannot at all alleviate [the] US’ tremendous responsibility for the reason of the world debt issues, let alone the fact the US’ domestic debt problem is now worsening the world’s economic and financial stability.”

Yellen is on a 10-day trip to Africa, visiting three countries. Speaking in the Zambian capital Lusaka on Monday, she said progress from China on a debt deal with Zambia had “taken far too long already to resolve”.

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“I know the Chinese have been a barrier to concluding the negotiations,” Yellen said.

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