New United States ambassador warns of Asia’s ‘payday loan diplomacy’

New United States ambassador warns of Asia’s ‘payday loan diplomacy’

CANBERRA, Australia (AP) — the U.S. that is new ambassador Australia stated Wednesday that he’s concerned with just how Asia lends cash to developing Pacific countries with what he defines as “payday loan diplomacy.”

Arthur Culvahouse Jr. told reporters in Canberra it was as much as U.S. allies and Western democracies that are liberal teach individuals in regards to the potential risks of these loans.

U.S. Vice President Mike Pence formerly warned of Asia deploying “debt traps” against developing Pacific countries.

“I would personally utilize more powerful language. I’d make use of pay day loan diplomacy,” Culvahouse said.

He said “the cash appears appealing and easy upfront, you better browse the small print.”

Asia categorically rejects accusations it is merely acting in the best interests of both sides in such transactions that it uses loans, grants and other financial inducements to extend its diplomatic and political reach, saying.

It really is specially responsive to “debt trap” claims related to jobs under its gargantuan road and“belt” infrastructure initiative, a signature policy of President Xi Jinping. Continue reading “New United States ambassador warns of Asia’s ‘payday loan diplomacy’”

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