As the World Bank and IMF seek to put the world economy on a more stable footing and promote sustainable growth, there is one issue they cannot ignore: China’s Belt and Road Initiative (BRI). China’s massive global infrastructure program has increased debt levels to a worrying extent in many developing countries, threatening to hinder their economic recovery. The Bretton Woods institutions need to confront this issue head-on, rather than sweeping it under the rug.
BRI meets significant development needs, by funding and building physical and digital infrastructure projects around the world. That is the good news. The bad news, as our recent Council on Foreign Relations Independent Task Force points out, is that BRI also contributes to economic instability. China’s lending practices have increased indebtedness to alarming levels in some BRI partner nations. Because they enjoy state backing, China’s state-owned commercial and policy banks can relax lending criteria and finance
Finlandâs Minister of Finance Vanhanen to chair Coalition for Climate Action meeting, with United States, China and Japan participating Ministry of Finance Press release
Finance ministers from more than 60 countries will gather today, Tuesday 6 April, from 16.30 to 18.30, for a meeting of the Coalition of Finance Ministers for Climate Action to discuss climate and economic policies.
The spring meeting of the Coalition will be co-chaired by Finlandâs Minister of Finance
Matti Vanhanen and his counterparts
Rodrigo Cerda from Chile and
Sri Mulyani Indrawati from Indonesia. This meeting will mark the end of the Chilean co-presidency, as the country will be succeeded by Indonesia. Finland will continue as Chair.
Multilateral Development Banks have financed at least $3 billion in fossil fuels during COVID-19 recovery priceofoil.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from priceofoil.org Daily Mail and Mail on Sunday newspapers.