U.S. President Joe Biden arrives at this weekend's Group of 20 (G20) meeting in India with an offer for the 'Global South': whatever happens to China's economy, the United States can help fund your development. Armed with cash for the World Bank and promises of sustained U.S. engagement, Biden hopes to persuade fast-growing economies in Africa, Latin America and Asia that there is an alternative to China's Belt and Road project, which has funneled billions of dollars to developing countries but left many deeply in debt.
FILE PHOTO: U.S. President Biden speaks about a new PMA and ILWU contract at the White House in Washington, U.S.WASHINGTON - U.S. President Joe Biden arrives at this weekend's Group of 20 meeting in India with an offer for the "Global South": whatever happens to China's economy, the United States can help fund your development.
The White House is seeking $3.3 billion from Congress to complement earlier steps by the U.S. and close allies to raise $600 billion by 2027 in public and private money for the Partnership for Global Infrastructure and Investment, a Belt and Road alternative that excludes China. The COVID-19 pandemic, higher inflation and rising U.S. interest rates have conspired to make those countries' debt burdens increasingly unsustainable, causing fears of problems similar to the Asian financial crisis that prompted the creation of the G20 in 1999.
Washington thinks a rebooted World Bank could meet the Global South's needs and serve its own interests. But when the White House asked Congress for cash to fund the effort last month, the White House said in a letter to lawmakers that it was "essential that we offer a credible alternative to the People's Republic of China's coercive and unsustainable lending and infrastructure projects for developing countries around the world."Biden has premised his foreign policy on standing up to Russia's war in Ukraine, managing competition with China and restoring U.S.
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