“We would like to see strong condemnation of the war..”, says US Treasury secretary Janet Yellen

Bengaluru (Karnataka) [India], February 23 (ANI): US Treasury Secretary Janet Yellen on Thursday said the US would like to see strong condemnation of the war of the impact it had on Ukraine and on the global economic outlook.

Tomorrow marks the invasion of the Russian military in Ukraine. During the press conference after her speech at the 2023 G20 Finance Ministers and Central Bank Governors Ministerial in Bengaluru, the secretary said, “It is one of the most significant factors that is reducing growth and causing very negative spillovers in low-income countries. We would like to see the IMF (International Monetary Fund) negotiate an agreement to lend to Ukraine.”

The secretary said International Monetary Fund’s managing director is being clear that it is the goal she has to negotiate a full programme by the end of March. “It is something we will emphasise in our discussions,” she said.

Today, Janet Yellen had met with Union Finance Minister Nirmala Sitharaman before her speech at the event. Secretary Yellen stressed the United States’ support for India’s G20 presidency and thanked Minister Sitharaman for her hospitality.
The Secretary discussed cooperation on the evolution of multilateral development banks, encouraged strengthened health-finance coordination, and thanked India for taking a leadership role in promoting sovereign debt restructuring, while encouraging faster G20 efforts on existing debt restructuring cases.

During her speech at the G20 event, she discussed the Ukraine war and the impact it had on global economies.

The secretary said, “When Russian President Putin launched his brutal attack on Ukraine last year, some believed Russia would secure a quick and decisive victory over Kyiv.” However, she added one year later, the Putin war is a strategic failure for the Kremlin.

She said Ukraine still stands and “NATO in our global coalition stand united behind it”. Ukraine dismounted a heroic resistance. “We have seen the bravery of the Ukrainian military on the battlefield. We have seen the steady hands of Ukraine and its economic and finance officials who fought to preserve the financial and economic stability of Ukraine under extraordinary circumstances,” Yellen said.

On the strength of the Ukrainian people, Yellen said, “They are standing strong amid the war. The United States and their allies are proud to support the Ukrainian people’s fight for freedom. The US provided over USD 46 billion in securities, economic and humanitarian support to Ukraine.”

In the coming months, she said, “We promise to give 10 billion dollars in addition for support for Ukraine.” Estimates indicated that nearly a million Russians might have left Ukraine last year, she said, adding, “Our military support includes key defensive systems that Ukraine had asked for.”

“Since the early days of the war, we have partnered with a multilateral coalition of over 30 countries to impose severe cause on Russia for its assault,” Yellen said, adding, “Our twin goals are to degrade Russian military-industrial complex and reduce the revenues to fund its wars. We are seeing the impacts of these actions. The Russian military is struggling to replace over 9,000 pieces of heavy military equipment lost since March 2022. Further, Russia’s economy is becoming isolated.”