U.S. Treasury Secretary Mnuchin’s Response to Third World Debt Crisis: ‘Let Them Eat Cake’

Oct. 15, 2020 (EIRNS)—In comments Oct. 14, U.S. Treasury Secretary Steve Mnuchin warned the World Bank not to get carried away with debt relief for developing sector nations. “It is critical that the World Bank manage financial resources judiciously and transparently, with clear justifications for allocations to countries with robust access to other financing sources, so as not to burden shareholders with premature calls for new financing,” Mnuchin said. If nations need money, he added, they should be crushed with classical IMF conditionalities: “Even as the IMF deploys its resources towards crisis response, it must also remain focused on delivering on its core mandate of global economic and financial stability. In this context, we look forward to the prompt resumption of bilateral surveillance to provide much-needed policy advice.”