© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen speaks throughout a information convention, after attending the G7 finance ministers assembly, at Winfield Home in London, Britain June 5, 2021. Justin Tallis/Pool by way of REUTERS
WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen instructed lawmakers on Thursday that debt aid for poor and growing international locations can be hampered with out new funding, whereas $2.7 billion in present unmet U.S. commitments to the World Financial institution, Worldwide Financial Fund and different establishments would develop.
Yellen, in ready remarks to a U.S. Home of Representatives Appropriations subcommittee, mentioned that the G20 Debt Service Suspension Initiative for poor international locations and a brand new debt restructuring ‘Frequent Framework’ each want funding from Congress.
“With out new funding, the USA may very well be pressured to delay the multilateral debt course of below the Frequent Framework and cost a lot increased rates of interest on DSSI debt service suspensions,” Yellen mentioned.
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