The US is seeking to deepen its economic integration with South Africa in pursuit of policies to diversify global supply chains, US Treasury Secretary Janet Yellen said. | News24_Business
Yellen also said she’ll discuss with Godongwana efforts to restructure Zambia’s debt. South Africa is a vice chair of Zambia’s creditors committee.Zambia is seen as a test case for a program organised by the G-20, known as the Common Framework, aimed at easing the path for poor countries to multilateral debt-relief agreements. China, Zambia’s largest creditor, has repeatedly been blamed for holding up a deal to restructure the nation’s loans.
The Treasury chief has put increasing pressure on Beijing over the issue, including on a stopover in the Zambian capital, Lusaka, earlier this week. Her comments provoked an angry response from China’s embassy there, which accused the US of"sabotaging other nations’ efforts to solve their debt issues".
Godongwana said in October that South Africa, the continent’s only member of the G-20, is working with other African nations to propose reforms to the Common Framework. So far four countries — Zambia, Chad, Ethiopia and Ghana — have opted to use the mechanism to rework their obligations. Yellen is on a 10-day trip through Africa aimed at building US ties with the continent. She said she also looked forward to discussing with Godongwana potential changes at the World Bank, pandemic preparedness, South Africa’s economic outlook and energy-sector reforms in the country.In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features.
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