Xuan Changneng addresses global debt, financial crime at IMF/WB

Deputy Governor Xuan Changneng addressed the escalating challenges in global sovereign debt during the Global Sovereign Debt Roundtable (GSDR).

He noted that recent geopolitical developments in the Middle East have fueled global inflation expectations and tightened financial conditions, significantly increasing the debt service burden for developing countries.

Xuan Changneng emphasized the critical need for strengthened multilateral cooperation, advocating for the principle of 'joint action and fair burden-sharing.'

He stressed that private sector creditors must participate in debt restructuring in a comparable manner.

He also called for enhanced global sovereign debt governance, including supporting developing countries to resolve debt challenges through development and improving the IMF-World Bank Debt Sustainability Framework for Low Income Countries.

At the Financial Action Task Force (FATF) Ministerial Meeting, Deputy Governor Xuan Changneng emphasized the persistent threat of money laundering and terrorist financing to global financial system integrity.

He urged the FATF to maintain its technical nature and promote stronger coordination between public and private sectors to combat these illicit activities.

During the Spring Meetings, Xuan Changneng also held bilateral meetings with several international financial leaders.

These included Deputy Governors from the Bank of France and Bank of England, and the Assistant Governor of the Reserve Bank of Australia.

He also met with the President of the Investment Company Institute and Citigroup's Chief Legal Officer, exchanging views on the global economic outlook and fostering bilateral cooperations.