U.S. Treasury Secretary, Janet Yellen, declared on Sunday that the most effective method to stimulate the global economy is by amplifying financial support for Ukraine in its conflict against Russia.
Yellen emphasized that in addition to the billions in taxpayer dollars allocated to Kyiv, strengthening developing economies and managing debt crises are integral.
Yellen addressed impact of Ukraine war
She countered any opposition that hinted at a conflict between aiding Ukraine and assisting developing nations while attending the G20 finance ministers’ summit in India.
In Gandhinagar, she communicated to reporters that bringing an end to the war has a significant moral obligation. Still, it also stands as the most potent strategy to uplift the global economy.
Pence: In US’s best interest to protect Ukraine
Her remarks concerning financial aid to Ukraine were made a week subsequent to former Vice President Mike Pence’s statement on Breitbart News Saturday. Pence expressed the sentiment that it is in the U.S.’s best interest to protect Ukraine, despite it not being “our war.”
According to the Kiel Institute for the World Economy, a German-based research institute, since the onset of the war, the Biden administration, in conjunction with the U.S. Congress, has channeled over $75 billion in various forms of aid, including humanitarian, financial, and military assistance to Ukraine.
Yellen: ‘Premature’ to consider lifting tariffs
Yellen also highlighted initiatives to manage debt issues experienced by faltering economies, implement banking reforms, and reach a global tax agreement. However, according to AFP, she mentioned it would be “premature” to consider lifting tariffs on China at this stage.
The invasion of Ukraine by Russia has reverberated globally, as both countries together constitute nearly a quarter of the world’s wheat export, causing a significant rise in food and fuel prices.
The economic impact of Russia-Ukraine war
As the conflict between Ukraine and Russia lingers, the global economy remains on tenterhooks due to the volatility surrounding wheat and related supply chain challenges.
Following a G7 ministers’ meeting, Japan’s Finance Minister, Shunichi Suzuki, reaffirmed the group’s unwavering support for Kyiv.
He added, “We confirmed that Russia-owned assets that are under the G7’s supervision would not be transferred until Russia pays damages to Ukraine.” Suzuki also said that Moscow should also shoulder the long-term reconstruction costs.