Joe Biden will advocate strengthening the financing capabilities of the International Monetary Fund and the World Bank at the upcoming G20 summit in India, his national security adviser Jake Sullivan said on Tuesday.
During this meeting, which will take place on September 9 and 10, the US president wants to “really devote a large part of his energy to modernizing the multilateral development banks, including the World Bank and the IMF,” he assured during an exchange. . with the press.
Response to loans granted by China
“Given the scale (of the financing needs) and, to put it bluntly, the onerous and unsustainable loans that China is providing through the ‘Belt Roads’, we have to make sure that there are solutions with high quality standards and beginning”. for developing countries, said Jake Sullivan.
He estimated that US proposals for these two institutions would free up “nearly $50 billion in loans to poor and middle-income countries in the United States alone,” and hoped “our allies and partners would contribute as well,” which would increase the amount of funding available to $200 billion.
The BRICS, not “rivals”
Jake Sullivan considered that the two institutions in Washington, in fact dominated by Americans and Europeans, “are not Western institutions”, but “a positive alternative to the much more opaque and much more restrictive method” of China to finance development projects.
Joe Biden’s adviser, however, assured that the “support (of the United States) to the World Bank and the IMF was (was) not directed against China.”
The White House has decided to communicate its ambitions for the two great institutions when the BRICS summit opens in South Africa, which has on the agenda a program to expand this block of large emerging countries, in search of greater international influence. “We don’t think the BRICS are going to become some kind of geopolitical rival to the United States or anyone else,” said Joe Biden’s adviser.
Source: BFM TV
