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WASHINGTON: US Treasury Secretary Janet Yellen said Tuesday that international financial institutions like the IMF and World Bank "reflect American values" and serve as key counterweights to "unsustainable lending from others like China."

Speaking before the House Financial Services Committee, she sought congressional support for the United States to lend more money to such organizations, going towards helping developing countries.

"Our leadership at these institutions is one of the core ways of engaging with emerging markets and developing countries," Yellen told lawmakers.

Yellen: Still some uncertainty about when Treasury will run out of cash

Assistance from international financial institutions comes "with strong requirements for governance, accountability, and debt sustainability," she said.

"It serves as an important counterweight to nontransparent, unsustainable lending from others like China," she added.

Yellen's comments come at a time of heightened tensions between the world's two biggest economies, and both are also jostling for influence in the developing world.

For now, Yellen said US authorities sought permission to continue participating in the International Monetary Fund's "New Arrangements to Borrow," a backstop to the fund's resources, and also seeks permission to lend up to $21 billion to two IMF funds.

US debt ‘brinkmanship’ risks serious costs: Yellen

Yellen also said she did not think China should qualify for the World Bank's loans, and that Washington would not vote in favor of the bank lending to China.

Asked about Yellen's comments that international financial institutions reflect American values, a Chinese foreign ministry spokesman said: "The IMF is not the IMF of the United States, nor is the World Bank for that matter."

US authorities have also worked to convince other countries to cease such funding.

On security issues, Yellen said: "We are looking at potential restrictions on outbound investment, that could pertain to private equity firms that invest in Chinese firms with connections to their military."

"We are worried about potential national security risks," she said.

But she stressed it is not in America's interest to stifle the Chinese people's economic progress.

"I think we gain in trying to gain from trade and investment that is as open as possible, and it would be disastrous for us to attempt to decouple from China. De-risk, yes. Decouple? Absolutely not," she said.

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Tulukan Mairandi Jun 14, 2023 04:39am
They both share 1 thing in common; both are sick and tired of Pakistan!
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Rebirth Jun 14, 2023 08:27am
Blackrock was better off investing in our infrastructure than in China. Firstly, there’s no geopolitical risk because we don’t build artificial islands in the South China Sea. If they invest in the FWO like the CCCC, we could help rebuild the war-ravaged so-called MENA region. Those who waged these wars, causing unimaginable destruction, didn’t offer them any Marshall plans. The US didn’t mind helping their own kind in Europe after they turned it into a pancake post-WWII. Maybe their economic conditions and also, a lack of will, probably got in the way. But Blackrock seems to be doing just fine. And they seem to be investing in Chinese infrastructure. In fact, they started investing even more after COVID. How does one company have enough capital even as their government doesn’t have enough cash for any Marshall plans, including for themselves? Their government pays them interest on the treasuries they bought. And the interest just keeps going up thanks to their own Federal Reserve.
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