US Treasury Secretary Janet Yellen speaks at the G20 meeting in Bengaluru, India on February 23, 2023.
Bengaluru (India) – The world economy is now in better shape than expected due to the effects of the pandemic and the war in Ukraine. US Treasury Secretary Janet Yellen told reporters today on the sidelines of the G20 group of major world economies meeting in Bengaluru, India. According to her, the United States is counting on further sanctions against Russia and, conversely, further aid to the attacked Ukraine.
“The global economy is in better shape than many predicted a few months ago,” Yellen said. “The problems we face are real and the future is still uncertain, but the outlook has improved,” she added, according to news agencies.
According to the American minister, the sanctions imposed on Russia after its invasion of Ukraine have a very significant negative impact on the Russian economy. “Russia now has a significant budget deficit,” Yellen said. According to her, this is an example of how anti-Russian sanctions work.
Yellen is in favor of strengthening financial support for Ukraine, and the United States is preparing additional economic aid in the coming weeks in the amount of ten billion dollars (almost CZK 224 billion). The minister spoke at a press conference in India on the eve of the first anniversary of the Russian invasion.
According to Yellen, it is very important for the International Monetary Fund (IMF) to quickly proceed with a fully financed loan program for Ukraine. “As President (Joe) Biden has said, we will stand by Ukraine in its fight – as long as it takes,” Yellen said. “Continued and strong support for Ukraine will be a major topic of discussion during my stay here in India,” she added.
Yellen will join other finance ministers and central bank chiefs from 20 countries for a meeting on Friday at a resort near the technology hub of Bengaluru. . It is the first major meeting under India's annual presidency of the bloc, which includes the G7 economies as well as the likes of Russia, China, Brazil and Saudi Arabia.
The minister also said the United States would resume dialogue with China on economic topics “at the appropriate time”. According to Yellen, it is important for the rest of the world that the United States and China continue to communicate with each other. Washington also intends to nominate a candidate to head the World Bank, the IMF's sister organization, as soon as possible.