WORLD NEWS | Treasury Secretary Janet Yellen to visit sub-Saharan Africa

WASHINGTON, Dec. 17 (AP) — U.S. Treasury Secretary Janet Yellen will travel to South Africa, Zambia and Senegal in January, her office announced Friday, which will be the next step for the Biden administration in sub-Saharan Africa. The first year in a series of official visits.

The world’s second largest continent is vital to the global economy because of its fast-growing population and rich natural resources. China has deepened its economic entanglement in African countries, surpassing the United States in trade with Africa to become one of the largest creditor countries in the world, and this is also the driving force for the United States to deepen its relations with African countries.

Read also | Responding to Prime Minister Narendra Modi’s remarks, Haryana BJP Chairman Om Prakash Dhankhar said Pakistani Foreign Minister Bilawal Bhutto-Zardari had lost his balance.

U.S. President Joe Biden announced Thursday at a U.S. summit with African leaders that he plans to visit the region next year, as are Vice President Kamala Harris, first lady Jill Biden and several cabinet secretaries Visit the area.

Yellen, who will be visiting Africa from January 17-28, has spoken publicly at length about China’s financing practices on the continent, calling them “economic practices that disadvantage us all”.

Read also | Bilawal Bhutto Zardari’s derogatory remarks on PM Narendra Modi: BJP says he has further lowered Pakistan’s image on global platform.

Zambia, for example, is renegotiating its nearly $6 billion debt with its largest creditor, China. In a closed-door meeting with Zambian President Hakaind Hichilema at a summit of African leaders on Thursday, Yellen said they discussed “the need to address debt sustainability and the need to complete Zambia’s debt process.” .

Yellen will also discuss the spillover effects of Russia’s invasion of Ukraine on Africa’s food supplies, the Treasury Department said. Other topics will include how the U.S. can work with African leaders to advance the energy transition, take into account the effects of climate change in Africa, and prepare for future pandemics through the Pandemic Fund announced in June.

At this week’s summit, Biden announced plans to spend $2 billion to help increase food security on the continent. (Associated Press)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)