"Former US Official Urges Linking China's IMF Power to Debt Relief Support"

A former senior US Treasury development expert, Nancy Lee, has suggested that the US should demand China's support for debt restructuring in struggling countries as a condition for changes to the International Monetary Fund's (IMF) shareholding formula. The US Treasury Secretary, Janet Yellen, has accused China of obstructing debt relief efforts, stating that China is unwilling to accept losses on loans unless private-sector creditors and multilateral development banks do the same. The IMF member countries will discuss the shareholding structure at upcoming meetings, with major emerging market countries seeking more voting power. The US, however, is pushing for increased contributions to boost lending rather than changing the shareholding structure.