US Treasury Secretary Janet Yellen has described helping Ukraine fight invading Russian forces as extremely helpful for the global economy. “Ending this war is primarily a moral imperative,” Yellen told journalists in Gandhinagar, India, on Sunday. But it was “also the best thing we can do for the global economy.”
On Sunday in Gandhinagar, Yellen discussed with her ministerial colleagues from the group of seven large industrialized countries (G7) support for Ukraine, the debt problems of economically weakening countries, banking reform and a global tax agreement. In addition to the USA and Germany, the G-7 countries also include Great Britain, France, Japan, Italy and Canada.
Japan’s Finance Minister Shunichi Suzuki reiterated the group’s “unwavering support” for Ukraine after the G-7 ministerial meeting. “We have confirmed that Russian assets under G7 supervision will not be transferred until Russia pays damages to Ukraine,” Suzuki said. Moscow should also “bear the long-term cost of reconstruction.”
Yellen also said Sunday she would “resist the notion” that there is a “trade-off” between supporting Ukraine and supporting the Global South. Responding to fears that the aid for Kiev could affect aid measures for poor countries in the south, Yellen referred to various support projects for developing countries. The equivalent of around 178 billion dollars (158 billion euros) could be made available for this in the coming decade, she said.
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