Asheville [US], September 2 (ANI): The US Treasury Department highlighted ongoing efforts to tackle global economic risks on Wednesday, as senior officials detailed discussions on emerging market sovereign debt and trade imbalances during the G20 Finance Ministerial in Asheville.Under the leadership of the Trump administration, Treasury officials emphasised the urgency of making sovereign debt restructurings faster, more transparent, and more predictable to prevent liquidity pressures from stunting growth in developing economies.”Under America’s leadership, the G20 is working to address sovereign debt challenges for such economies in ways that restore confidence. The G20 is making sovereign debt restructurings faster, more transparent, and more predictable through stronger international coordination,” the official said.Addressing the ministerial meeting, Treasury Secretary Scott Bessent underscored that resolving sovereign debt vulnerabilities remains a central priority to restore market confidence and prevent prolonged economic downturns. Pointing to recent progress, officials noted that Senegal has agreed to pursue a debt restructuring under the G20 Common Framework.”Many emerging markets and developing economies now face maturing debt stocks and a slowdown in new financing sources, creating liquidity pressures. Under President Trump’s leadership, we have worked to restore confidence by making sovereign debt restructurings for emerging markets and developing economies faster, more transparent, and more predictable. We want less time to be consumed by uncertainty and more time devoted to investment, growth, and market access. And our work is paying off. We heard that Senegal just agreed to pursue a debt restructuring under the G20 Common Framework,” the official observed.Shifting focus to global imbalances in the afternoon sessions, the Treasury stressed that sustainable growth requires a level playing field and fair competition. The administration called on international institutions such as the IMF and the OECD to intensify analysis into market-distorting policies, including excessive subsidies and an over-reliance on export-led growth models, which officials argue undermine workers and supply chains worldwide.”Trump Administration strongly believes that prosperity is strongest when competition is fair. That’s why global imbalances threaten global prosperity. The Trump Administration is leading efforts to shine a brighter light on the policies that distort markets and create excessive global imbalances. Under America’s leadership, the G20 is pushing the IMF and the OECD to strengthen their analysis and better identify the policies that drive excessive imbalances and distort fair competition.”That is especially true when imbalances are driven by non-market policies and practices that result in unbalanced domestic consumption, distorted investment, and an over-reliance on exports for growth.”The Trump Administration’s view is clear: global imbalances do not arise by accident. They are the cumulative result of policy choices on savings, consumption, investment, subsidies, market access, and exchange rates. When those choices distort competition, the costs are borne by workers, businesses, and supply chains around the globe,” the official added.Noting that countries can no longer implement distortive policies that push excess production into global markets without consequences, the official said that durable growth requires that our economies compete fairly on productivity, innovation, and investment.”We have been working at the G20 to identify when imbalances become excessive, what causes them to persist, how their effects reverberate across economies, and which policy choices can help restore equilibrium,” the official concluded.This comes as the US is hosting the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting, in Asheville. (ANI)(This content is sourced from a syndicated feed and is published as received. The Tribune assumes no responsibility or liability for its accuracy, completeness, or content.)