Key Points
A participant stands near a logo of IMF at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018..
WASHINGTON, Oct 4 (Reuters) - The U.S. should demand that China support debt restructuring for struggling poor and middle-income countries as a condition of changes to the International Monetary Fund's shareholding formula, a former senior U.S. Treasury development expert said on Wednesday.. Nancy Lee, a former deputy assistant Treasury secretary who works at the Center for Global Development think tank, told reporters it was "reasonable" to insist that any country getting a bigger quota, or shareholding, in the IMF should also help countries return to sustainable debt...
U.S. Treasury Secretary Janet Yellen has said China, the world's largest sovereign creditor, has been a roadblock to debt relief..
The U.S. is pushing instead for IMF member countries to agree to contribute more funds to boost lending firepower, but keeping the U.S.-dominated shareholding structure unchanged...
Shambaugh said it was important that "all countries - especially those that would see an increase in share - are respecting the roles and norms of the IMF and working to strengthen the international monetary system."..
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