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foreignpolicy.com/2023/09/07/g-20-summit-biden-india-china-bri-developing-nations-lending-debt
Alexandra Sharp
World Brief
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Upon arriving in New Delhi, Biden touted his G-20 proposals for
countering Chinese influence and promoting the global south. He
announced plans to strengthen the World Bank and International
Monetary Fund (IMF) to better assist developing nations in repaying
their debts. Biden has repeatedly turned to the two Western-led
institutions as alternatives to China’s Belt and Road Initiative.
“Given both the scale of the need and, frankly, the scale of [China’s]
coercive and unsustainable lending through the Belt and Road
Initiative, we need to ensure that there are high-standard, high-
leverage solutions to the challenges countries are facing,” said U.S.
National Security Advisor Jake Sullivan.
Biden’s focus on lending practices comes after the White House asked
the U.S. Congress for $2 billion to fund World Bank and IMF projects. It
also furthers Washington’s pledge to raise $600 billion by 2027 for the
Partnership for Global Infrastructure and Investment, a U.S.-led
alternative to the Belt and Road.
Biden hopes that Xi’s absence at the G-20, which runs from Sept. 9-10,
will demonstrate that Beijing is in no position to help developing
countries—especially as it fails to alleviate its own deflation and
property crisis. China’s yuan slid to a 16-year low on Thursday as the
U.S. dollar gained strength.
Following the G-20, Biden is set to visit Vietnam for two days to
strengthen bilateral ties with the growing economic power. Despite
Hanoi and Washington only normalizing relations in 1995, the two
nations have developed a robust trade relationship to counter Chinese
influence in the Indo-Pacific. The United States is Vietnam’s largest
export market.
Bongo held power for 14 years before a military junta deposed him
from office. Before Bongo, his father ruled for 41 years. The family’s
removal from power has been widely celebrated by many Gabonese,
who argue that the Bongos enriched themselves with income earned
through Gabon’s oil industry while much of the population struggled
with high levels of poverty.
Last year, Pérez Molina and his vice president were found guilty of
taking bribes from Guatemala’s customs authorities in an investigation
conducted by the International Commission Against Impunity in
Guatemala. However, that U.N.-backed body has since been kicked
out of the country by Pérez Molina’s successor, Jimmy Morales, after it
began investigating Morales.
One marathon competitor took his passion for running to a whole new
level. On Wednesday, the U.S. Coast Guard arrested Iranian athlete
Reza Baluchi for trying to “run to London” via a homemade hamster
wheel-esque vessel—Atlantic Ocean, be damned. The 44-year-old
refused to leave the contraption for three days. There’s a lot to unpack
here.
Alexandra Sharp is the World Brief writer at Foreign Policy.
Twitter: @AlexandraSSharp
Tags: Developing Countries, Geopolitics, International Organizations,
United States