US backs MDB reforms to counter Chinese lending
Tuesday, 29 August 2023
The US has expressed support for the revamp of multilateral bodies such as the World Bank and IMF, ahead of the G20 summit. US President Joe Biden plans to work with Congress to provide additional funding to strengthen these agencies and counter China's lending practices through the Belt and Road Initiative. India, which prioritizes the reform of multilateral development banks, is expected to benefit from this support.
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