US Treasury’s chief, Yellen, and IMF urge more multilateral debt policies to stabilize the economy

US Treasury’s chief, Yellen, and IMF urge more multilateral debt policies to stabilize the economy

The new US treasury boss is working with IMF officials to make the economy better. She has insisted that it is in the best interest of both parties to work together. 

US Treasury Secretary meets IMF chiefs 

The US Treasury’s head and IMF chief have urged for better debt solutions to help the global economy. Yellen is also of the opinion that America '' quickly'' needs the congress to take action on stimulus benefits after economic figures show deep contraction. The US Treasury’s secretary thinks that it will take some time before America can reach a stable economy with better employment status.

She and the IMF boss have both agreed to joint solutions to address the problems of debt and other financial problems the world is presently going through. The joint statement with IMF director Kristalina Georgina shows that the new treasury boss is working with the top financial agencies. Ms. Janet Yellen says the country intends to work more with the IMF on how to steer the world economically as COVID-19 persists. 

Discussion on how to help poor countries on the table 

We also talked about how to support third-world countries in these trying times'' Financial experts have said the growing agreement is for the IMF to give fresh allocations for Special Drawing Rights(SDRs)  which will encourage printing more money, a move which was frowned upon by the Trump administration. 

The IMF has always encouraged such bold moves, but the Trump administration will have none of it, saying that countries that need money won't benefit from it. However, the new administration of president Joe Biden has called for allocations of SDRs and the congress to issue laws that legalize such moves. 

Today Yellen has said everyone 'desperately' needs financial aid and that the recent forecast by the Congressional Budget Office is not encouraging. She also pleaded with Congress to quickly agree on the Joe Biden stimulus package proposed.

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