Yellen calls for economic assistance to Ukraine at G20 summit
2023.02.23 06:36
Yellen calls for economic assistance to Ukraine at G20 summit
By Tiffany Smith
Budrigannews.com – As the United States prepares to provide an additional $10 billion in economic assistance in the coming weeks, U.S. Treasury Secretary Janet Yellen stepped up her calls for increased financing support for Ukraine in order to assist it in fighting the Russian invasion, which has been going on for a year.
Yellen stated that the International Monetary Fund must “move swiftly” toward a fully financed loan program for Ukraine at a news conference in India on the eve of the first anniversary of the Russian invasion.
She stated, “We will stand with Ukraine in its fight – for as long as it takes, as President Biden has said.” During my time in India, a major topic of discussion will be the continued strong support for Ukraine.
On Friday, Yellen and other finance ministers and heads of central banks from the Group of 20 countries will meet at a resort near Bengaluru, a tech hub. It is the first significant meeting of India’s year-long presidency of the G7, which also includes Saudi Arabia, China, Russia, and Brazil.
After meeting with IMF Managing Director Kristalina Georgieva in Kyiv on Monday, Prime Minister Denys Shmyhal stated that Ukraine is seeking a $15 billion, multi-year IMF program.
According to Yellen, previous U.S. military, economic, and humanitarian aid of $46 billion has helped Ukraine maintain its financial and economic stability under “extraordinary circumstances.”
“By supporting the domestic front, our economic assistance makes Ukraine’s resistance possible: funding essential public services and contributing to the operation of the government We anticipate giving Ukraine an additional $10 billion in economic assistance in the coming months.”
According to government sources, India, which has maintained a neutral stance regarding the war, does not want additional sanctions against Russia to be discussed at the G20 meetings. According to G20 officials, India was also urging participants not to use the word “war” to describe the conflict.
However, Yellen emphasized that previous G20 statements had used strong language regarding the conflict in Ukraine and that she would like to see a strong condemnation of the war.
Concerns that the spillovers of the Ukraine war would result in a sharp slowdown in growth have diminished, according to Yellen, who stated that the global economy “is in a better place today than many predicted just a few months ago.”
She added, “It is important for G20 finance officials to continue working to quell inflation even though headline inflation is beginning to ease in the United States and around the world.” We are not yet out of trouble.
Yellen stated that the G20 countries, particularly China, must work to reduce the debt burden that places more than half of low-income nations in financial difficulty.
Yellen stated, “I will continue to push for all bilateral official creditors, including China, to participate in meaningful debt treatments for developing countries and emerging markets in distress,” adding that debt treatment for Zambia and financing assurances for Sri Lanka were “most urgent.” She also warned Beijing that providing any material support to Russia’s war effort would be “a very serious concern.” Yellen also stated that talks between the United States and China regarding economic issues would resume at an appropriate time.
Following the downing of a suspected Chinese surveillance balloon that floated above the continental United States, some engagements between Washington and Beijing have been put on hold. This makes it unclear when Yellen and Secretary of State Antony Blinken will visit China.
She also stated that the G20 meetings will be a crucial location for working to advance reforms to the World Bank and other multilateral development banks in order to expand their lending to combat climate change, pandemics, and other global challenges.
She praised World Bank President David Malpass, stating that the institution had “measurably improved the lives of people around the world” under his leadership.
She added that the United States plans to nominate a candidate for the World Bank presidency “very quickly.”
