Yellen Urges World Leaders to Ease Debt Burdens at Summit
U.S. Treasury Secretary Janet Yellen is set to call on world leaders to take concrete actions towards alleviating the debt burdens of low-income nations during a summit this week, says a senior Treasury Department official.
Addressing Global Challenges
Yellen aims to rally these leaders to collaborate with developing and emerging economies, promoting inclusive growth and tackling universal challenges such as climate change, pandemics, and fragility, the official informed reporters during a conference call.
Private Sector Mobilization and Debt Restructuring
To achieve these objectives, sound public policies and increased mobilization of funds from the private sector are needed, according to the official. In addition, Yellen will push for further steps to enhance the debt restructuring process via the global sovereign debt roundtable, which comprises representatives from the International Monetary Fund (IMF), the World Bank, and the G20 major economies.
Bilateral Meetings in Paris
While in Paris, Yellen intends to engage in several bilateral meetings, prioritizing representatives from countries and emerging markets that she does not usually interact with, as stated by the official, who declined to provide further details.