Yellen says poor nations need COVID-19 aid

Treasury Secretary Janet Yellen on Tuesday said poorer nations will need continued coronavirus relief given the pandemic’s role in widening economic inequality everywhere.

Yellen made the comments during a discussion with interfaith leaders as well as leaders from nonprofit Jubilee USA, according to a readout of the meeting posted by the Treasury Department.  

“The Secretary observed that the pandemic has accelerated global economic inequality, and with limited policy space, low-income countries will need continued international support to address the COVID-19 crisis,” the department said.

Yellen also noted the Treasury Department’s support for the Debt Service Suspension Initiative, which was established by G-20 nations to provide debt relief for low-income countries, and for the Common Framework for debt treatments, which helps countries achieve longer-term economic stability.

The Treasury also said that Yellen stressed that the poorer countries will suffer the most from climate change, though they are the least responsible for it. She noted that Biden administration is committed to “using the full power of the U.S. federal government” to address climate change.