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Economy

China joins IMF on cash-strapped countries' calling lists

Concerns grow that Beijing's largesse could increase debt load for poor nations

| China
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Zhu Min, former deputy managing director of the IMF, at the 2015 IMF/World Bank Annual Meetings in Lima, Peru in October 2015.   © Reuters

It is no longer just the International Monetary Fund in Washington that hears from developing countries when they run into financial problems. Beijing, too, gets a call.

In October, Egypt agreed a three year 18 billion yuan-Egyptian pound swap with China as part of the process of securing $12 billion in IMF loan financing. Mongolia is engaging with both the IMF and China to fund its trade deficit and finance $1.5 billion in sovereign bond repayments that fall due this year.

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