Mint Explainer: Will Africa divide the G20?
- China and the West may clash over the continent's mountain of debt
G20 finance ministers and central bank governors go into a huddle on Friday and Saturday. G20 chair India, and the International Monetary Fund, say debt restructuring of low-income countries (LICs) and emerging economies will top the agenda of the sessions. Now, most LICs are African nations, a natural resource-rich continent patronized by China over more than a decade. Any effort by India and its allies, such as the US, to widen their influence in Africa, directly or through multilateral bodies like the IMF and the World Bank, will be resented by Beijing. China is the largest bilateral lender for public sector projects in Africa. IMF wants to be at the centre of a “global financial safety net". It may become another flashpoint between the West and China.