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THURSDAY, MAY 29, 2025
US's Yellen says IMF reserves expansion will benefit poor countries

Global Economy

Reuters
05 April, 2021, 10:15 pm
Last modified: 05 April, 2021, 10:17 pm

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US's Yellen says IMF reserves expansion will benefit poor countries

Yellen told the Chicago Council on Global Affairs that many advanced economies -- which will get the biggest share of resources from the US-backed Special Drawing Rights allocation - have indicated a desire and willingness to loan or donate SDRs to poorer countries through IMF facilities

Reuters
05 April, 2021, 10:15 pm
Last modified: 05 April, 2021, 10:17 pm
“What I see is a growing recognition on both sides of the aisle that climate change is a very serious concern and that action needs to occur,” she said Photo: Reuters
“What I see is a growing recognition on both sides of the aisle that climate change is a very serious concern and that action needs to occur,” she said Photo: Reuters

US Treasury Secretary Janet Yellen said that a $650 billion increase in International Monetary Fund currency reserves will put significant resources into the hands of the world's poorest countries facing the biggest pandemic needs.

Yellen told the Chicago Council on Global Affairs that many advanced economies -- which will get the biggest share of resources from the US-backed Special Drawing Rights allocation - have indicated a desire and willingness to loan or donate SDRs to poorer countries through IMF facilities.

Yellen also said that she doubted that Biden spending initiatives, including a $1.9 trillion relief package and a proposed $2 trillion infrastructure investment plan, would cause inflationary pressures because the true US unemployment rate was still around 9% due to the coronavirus pandemic

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