Vaccination is the strongest incentive for the global economy


US Treasury Secretary Janet Yellen wrote a letter to her counterparts in the G20 prior to the G20 Finance Ministers and Central Bank Governors meeting to be held on February 26 via videoconferencing.

Reminding that the global community has been facing the challenges of the health crisis and the economic crisis caused by the new type of coronavirus (Covid-19) epidemic for more than a year, Yellen noted that the devastating effect of the epidemic on the health and welfare of the people, economies and the social fabric of societies continues to be seen.

Yellen stated that no country alone can declare victory against these crises and cooperation is important, “Our first task should be to stop the virus. Controlling the epidemic worldwide is very important for a strong economic recovery.” found the assessment.

CALL NOT TO WITHDRAW FINANCIAL SUPPORT EARLY

Pointing to the importance the US attaches to its local and global vaccination campaign, Yellen said that if there is no access to vaccines, especially low-income countries will experience more casualties and the economic recovery will be unnecessarily delayed.

“A fast and truly global vaccination program is the strongest incentive we can provide to the global economy,” Yellen called on G20 countries to increase their support for vaccination initiatives. used the expression.

Emphasizing the need to continue to provide economic support to citizens and to rebuild economies to be stronger and more inclusive, Yellen said, “I urge the G20 countries to continue to take important fiscal and fiscal policy measures and avoid withdrawing support too soon.” gave his statement.

SUPPORT FROM YELLEN FOR NEW SDR ALLOCATION FOR LOW INCOME COUNTRIES

Noting that especially low-income countries suffered a heavy blow from the epidemic, Yellen stated that these countries are faced with limited policy options to respond to the health crisis and economic crisis.

Stating that if there is no more international action to support low-income countries, there will be a dangerous and permanent risk of distortion in the global economy, Yellen said that institutions such as the International Monetary Fund (IMF) and the World Bank have a role in financing the global health response, supporting green recovery and addressing debt vulnerabilities. underlined that they should continue to play.

“Allocating new special drawing rights (SDRs) to the IMF could increase liquidity to facilitate much-needed health and economic recovery efforts by low-income countries,” Yellen said. found the assessment.

US Treasury Secretary Yellen stressed that alongside ongoing bilateral financing, more SDRs should be channeled to support recovery efforts in low-income countries.

“G20 MUST CONTINUE SUPPORTING DIGITAL PAYMENT STUDIES”

Drawing attention to the fact that the epidemic carried most of business and daily life online, Yellen said:

“We must invest in efforts to help people adapt to this increasingly digital world. The G20 must continue to support work on digital payments in the Financial Stability Board and standard-setting bodies. The speed of our payment systems while reducing potential risks, including their use for malicious and illegal activities. I believe we can increase its efficiency. “

Yellen stated that the Covid-19 epidemic showed the need for global cooperation in combating climate change, and stated that a truly collective and multilateral response is the only realistic solution to this global problem.


Source: Cumhuriyet Gazetesi – Güncel by www.cumhuriyet.com.tr.

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