IMF, World Bank should boost policies to tackle debt vulnerabilities: Yellen

ANI
14 Oct 2021, 23:48 GMT+10

Washington [US], October 14 (ANI/Sputnik): The International Monetary Fund (IMF) and the World Bank should take additional steps to help address debt vulnerabilities, US Treasury Secretary Janet Yellen said on Thursday.

"Going forward, both the World Bank and the IMF will need to strengthen policies and practices to help address debt vulnerabilities ... The international community will also need to reaffirm its existing commitments to support debt sustainability in poor and vulnerable countries," Yellen said in a press release.

The Treasury Secretary called on international creditors to participate constructively in the debt restructuring processes, including providing timely financing assurances, the release said.

In addition, Yellen highlighted the importance of a global response to the challenges posed by climate change.

"This is an important year for climate as countries gather next month in Glasgow to raise our collective global ambition. In the lead up to COP-26, the Biden Administration is redoubling our pledge to provide international climate finance and encouraging strong action on climate through the international system, "Yellen said.

The United States welcomes the recently revised Climate Change Action Plan and the World Bank Group's increased climate finance targets, she added. (ANI/Sputnik)

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