WASHINGTON, April 11 - A top U.S. Treasury official on Thursday will call for decisive, coordinated action by official bilateral creditors to address the worsening financial challenges faced by low- and middle-income countries and to speed up debt relief when needed.
His speech was peppered with digs at emerging official creditors - the biggest of which is China - amid growing frustration among debtor countries about Beijing's footdragging on debt restructuring efforts. Shambaugh said developing countries were spending more to service their public and private debt than they were receiving in fresh funds, with the outflows going largely to emerging official creditors.
Some G20 creditors, he said, were not sustaining financial flows to countries with IMF programs, he said, noting that dozens of low- and middle-income countries had negative net debt flows to Chinese public and private creditors. He said the United States and other creditors had sharply scaled back loan exposures to developing countries following a wave of debt treatments in the 1980s and 1990s, and were now providing far more grants to these borrowing countries.
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