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U.S. Treasury Yellen calls for 'timely action' on pending debt restructuring

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen on Tuesday called for faster action to resolve several pending sovereign debt restructuring cases and urged the International Monetary Fund to urge all bilateral creditors to complete such deals .

Yellen spoke with IMF Managing Director Kristalina Georgieva and the International Monetary Fund ahead of next week’s spring meetings of the IMF and World Bank, the Treasury Department said. The issue was raised during a meeting with Spanish Economy Minister Nadia Calvinho, chair of the IMF Steering Committee.

“Secretary Yellen urges IMF to intensify efforts to support low- and middle-income countries facing debt distress, including continuing to urge all bilateral official creditors to complete pending debt restructuring cases,” IMF

It added that Yellen discussed with Georgieva and Calvinho the priorities of the IMF and World Bank meetings, the global economy and financial The latest developments in the system, and the need to continue supporting low-income and fragile countries.

Yellen’s meeting also included discussion of the IMF’s approval of a $6 billion loan program for Ukraine On Friday, the Biden administration asked Congress to approve the U.S. Poverty Reduction and Growth Trust Fund to the IMF and the new Resilience and Sustainable Development Trust Fund to provide up to 21 billion in loans, the Treasury said.




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