Views: 0
Redoubling support for war-stricken Ukraine is the “single best” way to aid the global economy, US Treasury Secretary Janet Yellen said Sunday, along with boosting emerging economies and tackling debt distress.
Yellen also said on the sidelines of a G20 finance ministers summit in India she would “push back” on criticism there was a tradeoff between aid to Ukraine and developing nations.
“Ending this war is first and foremost a moral imperative,” she told reporters in Gandhinagar, which is hosting a wider G20 summit. “But it’s also the single best thing we can do for the global economy.”
Yellen also pointed to efforts to tackle debt distress faced by struggling economies, bank reform and a global tax deal, and warned it was “premature” to talk of lifting tariffs on China.
Russia’s invasion of Ukraine, both global breadbaskets that together exported almost a quarter of the world’s wheat supply, triggered shockwaves in economies worldwide by sending prices for food and fuel shooting up.
G7 leaders promised at a summit in Lithuania on Wednesday to support Ukraine for as long as it takes to defeat Russia’s invasion.
Any discussion on Ukraine is awkward for G20 host India, which has not condemned Russia’s invasion but is also part of the Quad grouping alongside Australia, the United States and Japan.
‘Deep mistrust’
The Indian city of Gandhinagar is hosting meetings of G20 finance ministers and central back governors. Photo: Punit PARANJPE / AFP Source: AFP© Provided by Tuko
Yellen also cited debt restructuring progress in Zambia, which she discussed with Chinese officials last week on a visit to Beijing, and said she expected Ghana and Sri Lanka debt treatments would be finalised soon.
She said it was still too soon to lift restrictions placed on China during a trade war launched by former US president Donald Trump.
Source:Tuko