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G7 Finance Ministers Openly Frustrated With China on Debt Relief

Debt relief for developing countries is emerging as the latest front in China’s rapidly escalating confrontation with the U.S, European countries, and Japan. Finance ministers from many of those countries, representing the Group of 7 (G7), met on Friday to discuss debt relief initiatives for the world’s poorest countries, including many in Africa.

In a sharply-worded joint statement issued after the meeting, the finance ministers singled out China for failing to do more to support the Group of 20’s Debt Service Suspension Initiative and for Beijing’s lack of transparency in its debt relief talks.

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