Benefits for the world economy?
Yellen calls for Ukraine aid to be doubled
07/16/2023 10:39 am
US Treasury Secretary Yellen calls for more support for Kiev. According to Yellen, the country can only fight for its freedom if Ukraine is kept going. And ending the war is not just a moral imperative. She is “also the best thing we can do for the global economy”.
US Treasury Secretary Janet Yellen described Ukraine’s support as helpful for the global economy ahead of a meeting with her colleagues from the other G20 countries. “The ending of this war is primarily a moral imperative,” said Yellen in Gandhinagar, India. But it is “also the best thing we can do for the global economy”. She called for “doubling down” support for Ukraine in its defense against Russia, adding: “By helping to keep the economy and the state running, we are giving Ukraine the support it needs to survive to fight for their freedom and sovereignty.”
The finance ministers and central bank governors of the G20 countries will meet in Gandhinagar, India, on Monday and Tuesday. Before the meeting this Sunday, the finance ministers of the group of seven industrialized countries (G7) will separately discuss key issues such as support for Ukraine, the debt problems of economically weakening countries, banking reform and a global tax agreement. In addition to the USA and Germany, the G7 countries also include Great Britain, France, Japan, Italy and Canada. US Treasury Secretary Yellen said she will “resist the notion” that there is a “trade-off” between helping Ukraine and helping the Global South.
In response to the concerns, Yellen referred to other support projects for developing countries. Yellen said the equivalent of around $178 billion could be made available for this in the coming decade. According to Yellen, the G20 countries are also continuing to work on an agreement to make corporate taxation fairer. Yellen said the “cutting-edge” in corporate taxes must end.
The meeting of the G20 finance ministers will also deal with the regulation of cryptocurrencies and easier access to financial aid for developing countries that want to finance adaptation measures to climate change.