Janet Yellen Urges Support for Ukraine and Debt Relief for Developing Countries
By US Treasury Secretary Janet L Yellen has said that the global economy is in a better place today than what was expected a few months ago and the outlook has improved.[0] On Thursday, she also reiterated her calls for support to Ukraine on the eve of the one-year anniversary of Russia’s invasion.[0]
Janet Yellen indicated that the International Monetary Fund has reported that nearly half of low-income countries are facing or have already fallen into debt distress.[1] She expressed her commitment to advocating for the involvement of all bilateral official creditors, including China, in providing meaningful debt relief to developing countries and emerging markets experiencing hardship.[2] She was addressing the media ahead of the first G20 finance ministers and central bank governors’ meeting set to begin here from Friday.[3]
Yellen said, “We have made clear that providing material support to Russia or assistance with any type of systemic sanctions evasion would be a very serious concern to us. And we will certainly continue to make clear to the Chinese government and to companies and banks in their jurisdiction about what the rules are regarding our sanctions and the serious consequences they would face for violating them.”[4]
She said, “We need to work together to ease the debt overhang that is holding back too many countries. Debt distress is expected to be a hot topic at the meeting, after a year that saw three South Asian countries — Sri Lanka, Pakistan and Bangladesh — turn to the International Monetary Fund for help.”[5]
Yellen noted that when Putin launched his brutal assault one year ago, some believed that Russia would secure a quick and decisive victory over Kyiv. Putin himself thought that he would achieve a victory “at minimal cost,” in the words of CIA director Bill Burns. A year after it began, Putin's war had proven to be a strategic blunder for the Kremlin.[6] Ukraine remains standing.[7] NATO and our global coalition are unified in their support.[6]
0. “Yellen Shifts Tone and Says Global Outlook Improving” Bloomberg, 23 Feb. 2023, https://www.bloomberg.com/news/articles/2023-02-23/yellen-says-global-outlook-improving-while-ukraine-still-in-need
1. “Specific, credible financing assurances for Sri Lanka “most urgent – US Treasury Secretary” adaderana.lk, 23 Feb. 2023, https://www.adaderana.lk/news/88615/specific-credible-financing-assurances-for-sri-lanka-most-urgent-us-treasury-secretary
2. “Need China's Cooperation For Debt Resolution In Countries: U.S. Treasury Secretary” BQ Prime, 23 Feb. 2023, https://www.bqprime.com/business/need-chinas-cooperation-for-debt-resolution-in-countries-us-treasury-secretary
3. “Yellen: US Wants to Strengthen Sanctions Against Russia” Voice of America – VOA News, 23 Feb. 2023, https://www.voanews.com/a/6975709.html
4. “US Treasury secretary reiterates that China should not support Russia's war or help Moscow evade sanctions” News.Az, 23 Feb. 2023, https://www.news.az/news/us-treasury-secretary-reiterates-that-china-should-not-support-russias-war-or-help-moscow-evade-sanctions
5. “Global economy is in a better place today: US Treasury Secy Janet Yellen” Business Standard, 23 Feb. 2023, https://www.business-standard.com/article/current-affairs/global-economy-is-in-a-better-place-today-us-treasury-secy-janet-yellen-123022300802_1.html
6. “Looking Forward To G20, US Promised $10 Billion Additional Support To Ukraine” Newsmobile, 23 Feb. 2023, https://newsmobile.in/articles/2023/02/23/looking-forward-to-g20-us-promised-10-billion-additional-support-to-ukraine
7. “Putin's war a strategic failure for Kremlin, says U.S. Treasury Secretary Janet Yellen” The Hindu, 23 Feb. 2023, https://www.thehindu.com/news/international/putins-war-a-strategic-failure-for-kremlin-says-us-treasury-secretary-janet-yellen/article66544855.ece
