(Satirical cartoon created by AI creator )
“The IMF is not the “International Monetary Fund of the United States”, neither is the World Bank for that matter,” Chinese Foreign Ministry Spokesperson Wang Wenbin said at a news briefing on June 14, 2023.
According to AFP, US Treasury Secretary Janet Yellen said Tuesday that institutions like the IMF and the World Bank reflect American values and serve as a counterweight to unsustainable lending from others like China. She also said she doesn’t think China should qualify for the World Bank’s loans.
In response to this, Wand said, “The IMF and the World Bank are multilateral financial institutions and platforms that reflect the trend towards greater democracy in international relations and advance international cooperation on the basis of fully taking into account the interests of all member states.”
“China has always carried out investment and financing cooperation with developing countries in keeping with international rules and the principle of openness and transparency,” Wang said, adding that China never attaches any political strings to such cooperation, nor do China seeks any selfish political interests.
Wang also said that the US has launched unprecedented massive interest rate hikes since last year, making the debt problems of certain countries even worse and sending more shock waves through the global financial market.