Chinese Embassy criticises US Treasury Secretary Janet Yellen's visit to

Lusaka/Washington: ‘The US debt crisis threatens the stability of the world economy. Therefore, the US does not have the right to make baseless accusations against other countries just for vested interests’, the Chinese Embassy said as it sternly criticised the US Treasury Secretary Janet Yellen. Yellen is currently on tour to Africa, where she commented on the Chinese loan to Zambia. Apparently, an aggressive reaction has emerged from China.

At a time when China and Russia are trying to increase their influence in the African continent, US Treasury Secretary Janet Yellen arrived on a visit to Africa last week. During her tour, she visited Senegal and Zambia and is said to have landed in South Africa on Tuesday. During events in Senegal and Zambia, Yellen also criticised China for trying to lure Africa into a debt trap.

There is a need for debt restructuring in Zambia. The current debt burden is adversely affecting the overall economy of Zambia. China has become a major obstacle in solving the debt crisis in this country. This issue was raised in discussions with Chinese leaders and officials. The US will try to pressurise China and all other countries on the issue of Zambia’s debt in the future’, US Finance Minister Yellen said as she targeted China. Previously in the Senegal conference, Yellen warned that African countries should stay away from shiny deals which may be opaque.

These statements of the US finance minister have severely upset China, and the Embassy in Zambia responded to them. In a statement released by the Embassy, Yellen was advised first to address the US debt crisis and the potential bankruptcy of its economy. At the same time, US policies were blamed for the increasing debt burden in the global economy. The Chinese Embassy has also warned Yellen that she should work to maintain the status of her country and not interfere in the decisions of other countries.

Zambia currently has a debt of 17 billion dollars, more than 50 percent of which is said to be Chinese debt.