Connect with us

Hi, what are you looking for?

Economy

Yellen, International Monetary Fund chief discuss multilateral solutions to debt, other economic issues

WASHINGTON — US Treasury Secretary Janet Yellen and the head of the International Monetary Fund (IMF) agreed on Tuesday on the need for multilateral solutions to address debt vulnerabilities and other issues facing the global economy, the Treasury department said.

Ms. Yellen’s call with IMF Managing Director Kristalina Georgieva was the latest in a series of initial calls with top global finance officials after taking office last week.

“Secretary Yellen conveyed her intention to work closely with the IMF on the priorities of continuing to respond effectively to the COVID-19 pandemic, re-invigorating economic growth to support a strong global recovery, fighting inequality, and forcefully addressing the threat of climate change,” Treasury said in a statement.

Ms. Georgieva, in a tweet, described the call as “warm & productive.”

“We agreed that fighting the pandemic, boosting growth, combating income inequality, and tackling climate change are top priorities, and that global engagement to support low-income countries is essential,” Ms. Georgieva wrote on Twitter. “2021 is a critical year of action!”

No further details were immediately available.

Yellen plans to hire David Lipton, an economist who served as Ms. Georgieva’s deputy until February 2020, as a senior adviser, six sources familiar with the matter told Reuters on Tuesday.

Mr. Lipton will focus on the US role within the Group of Seven advanced economies and the larger Group of 20 economies in a temporary role, several sources said on condition of anonymity.

Outside experts and global economic officials say they see growing consensus about the need for a new allocation of IMF Special Drawing Rights (SDRs), a move akin to a central bank printing money, that was blocked by Yellen’s predecessor, Steven Mnuchin.

Ms. Georgieva had called for such a move early in the pandemic, but the Trump administration blocked it, arguing it would provide very little funding to the countries that needed it most since the drawing rights are distributed in line with each country’s shareholding.

The Biden administration has signaled support for a new allocation of SDRs, and legislation to back such a move is working its way through the now Democratic-controlled Congress. — Reuters

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

Almost one in five UK workers say they are likely to change jobs in the next 12 months as they seek better pay and...

Investing

Around 57 per cent of van owners feel discouraged from going electric due to a lack of charging points, according to a survey published...

Investing

Business and cycling groups have urged the government to reform its cycle to work scheme so it can be used by lower-paid and self-employed...

Investing

Beer drinkers could soon find it difficult to buy their favourite bottled beverage because of a shortage of glassware triggered by soaring energy costs,...

Economy

  Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their...

Economy

Notice of Annual Stockholders’ Meeting Notice is hereby given that the Annual Stockholders Meeting will be held on Monday, June 20, 2022 at 8:30...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.