Yellen calls for timely restructuring of countries' debts

US Treasury Secretary Janet Yellen called for timely action to resolve pending cases regarding the restructuring of countries’ debts. In a statement, the US Treasury Department reported that Yellen met with Spanish Deputy Prime Minister and Economy Minister Nadia Calvino, who chairs the International Monetary and Financial Committee (IMFC). The statement reported that during the meeting, Yellen emphasized the importance of “timely action” to conclude the outstanding debt restructuring cases. In addition, the statement reported that Yellen had requested permission from Congress for the US President Joe Biden administration to provide nearly $21 billion in loans to the International Monetary Fund’s (IMF) Poverty Reduction and Growth Trust Fund and the Resilience and Sustainability Trust Fund. Yellen also met with IMF Managing Director Georgieva On the other hand, in another statement from the US Treasury Department, it was reported that Yellen also met with IMF Managing Director Kristalina Georgieva ahead of the IMF-World Bank Spring Meetings to be held next week. The statement said that during the meeting, Yellen and Georgieva discussed priority issues including the new $15.6 billion financing package for Ukraine, as well as the global economic outlook, recent developments in the U.S. financial sector, and the need to continue support for low-income and vulnerable countries. The statement said that Yellen also called on the IMF to deepen its efforts to support low- and middle-income countries facing debt distress, including continuing to press all official bilateral creditors to finalize outstanding debt restructuring cases.