India Pressures China to Take Haircut on Loans to Poor Nations
- ‘Everybody’ must take losses on distressed debt, Kant says
- G-20 officials to discuss World Bank’s plan to expand lending
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China must stop taking positions that block debt relief to some of the world’s poorest nations and be willing to take losses on its loans to them, India said in its capacity as the current Group of 20 leader.
“China needs to come out openly and say what their debt is and how to settle it,” said Amitabh Kant, the sherpa for India during its presidency of the G20 this year. “It can’t be that the International Monetary Fund takes a haircut and it goes to settle Chinese debt. How is that possible? Everybody has to take a haircut.”