US renews engagement with allies to restore global economy
Will the Global Economy Recover in 2021? World Bank Expert Answers
Janet Yellen, head of the US Treasury Department, said this during the G7 finance ministers’ summit.
President Joe Biden’s administration announced Friday it will resume engagement with United States allies to help lift the global economy out of its worst recession since the Great Depression..
US Treasury Secretary Janet Yellen speaking with her country counterparts «Big seven», reaffirmed Washington’s commitment to multilateralism and «attaches paramount importance to deepening our international engagement and strengthening our alliances».
Yellen made this announcement during the online summit of finance ministers «Big seven», which took place on Friday under the chairmanship of the UK. She called for continued fiscal support to ensure economic recovery, stating that «now is the time for decisive action».
In addition to the US and UK, in «The big seven» includes Japan, France, Germany, Italy and Canada.
Biden has proposed spending another $ 1.9 trillion to stimulate the American economy, in addition to the $ 4 trillion spent by his predecessor, Donald Trump, to combat the fallout from the coronavirus pandemic..
Experts expected that G7 finance ministers would support a new emission of currency units of the International Monetary Fund – special drawing rights (SDR) to help poor countries also hit by the crisis. Sources said Thursday that officials from the US administration, the IMF’s largest shareholder, announced the possibility of a new $ 500 billion SDR issue..
Yellen called on countries «Big seven» and international financial institutions to tackle the problems facing poor countries, the US Treasury said..
Source in «The big seven», who asked not to be named, said the United States had told other countries that it would take several weeks to complete the SDR issue.
During the summit, Yellen said that the US Treasury’s involvement in tackling climate change «will change dramatically compared to the last four years»