IMF chief lauds Belt and Road Initiative, says it focuses on financing global infrastructure
Christine Lagarde
TheBeltandRoadForumwill be a good opportunity forChinato identifyitsdirectionand thepolicyframeworkwithin which they want to develop this very large initiative,IMFchief Christine Lagarde said in Washington, DCahead of the World Bank-IMFSpring Meetings.
During an exclusive interview with theChinaGlobal Television Network (CGTN) on April 2, Lagarde expressed her expectations on the secondBeltandRoadForumfor International Cooperation, which is to be held in late April in Beijing.
TheIMFchiefsaid the world is short of investment in infrastructure and theBeltandRoadInitiative is certainly welcome and encouraged as it focuses on the financing of infrastructure around the world.
"We have also encouraged and called the attention of Chinese authorities to the fact that those projects have to be adequate and appropriate for the countries' needs, that those financings have to be respectful of debt sustainability. We have also mentioned that the macro-economicframeworkof the countries has to be taken into account when those investments are taking place. So, it is a subtle balance between infrastructure needs and the financing to go with it," said Lagarde.
"With full respect of the countries' sovereignty, debt sustainability, macro-economic equilibrium, I think that the Chinese authorities themselves are now really paying attention to that," she added.
As for the upcomingBeltandRoadForum, Lagarde regards it a good opportunity forChina, the beneficiary countries and international institutions.
"I believe it will be a very good opportunity for the authorities inChinato really identify theirdirection, thepolicyframeworkwithin which they want to develop this very large initiative and for the beneficiary countries and international institutions to also raise their voice as to the format and theframeworkwithin which those investments will be efficient and will be sustainable," said Lagarde.
The BRI, proposed by Chinese President Xi Jinping in 2013, aims to build a trade and infrastructure network connecting Asia with Europe, Africa and beyond.