Helping Ukraine is best stimulus for global economy – US Treasury Secretary
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Doubling support for war-torn Ukraine is the "single best thing" to help the global economy.
Source: US Treasury Secretary Janet Yellen said on Sunday, 16 July, speaking on the sidelines of the G20 Finance Ministers' Summit in India, as reported by European Pravda, citing AFP.
Details: Yellen said a "key priority" is to "redouble our support for Ukraine" as it defends itself against Russia.
Following a visit to Kyiv in February, Yellen said she had seen first-hand the "huge difference" made by foreign aid to both civilians and the Ukrainian military.
Quote: "Ending this war is first and foremost a moral imperative," Yellen told reporters in Gandhinagar, adding, "But it’s also the single best thing we can do for the global economy."
Details: Russia's invasion of Ukraine triggered shock waves in the global economy, causing a sharp rise in food and fuel prices.
The deal that allowed Ukraine to resume grain exports expires on Monday unless Russia agrees to extend it.
"Budgetary support is critical to Ukraine's resistance," Yellen said.
"By helping keep the economy and the government running, we are giving Ukraine the support it needs so it can fight for freedom and its sovereignty," the treasury secretary pointed out.
She added that one of Washington's "core goals" was to "combat Russia's efforts to evade our sanctions".
Yellen also stated that she would advocate the idea of a trade-off between support for Ukraine and support for the Global South.
Background:
At the NATO summit in Vilnius, the Group of Seven (G7) countries agreed on a framework document on "security guarantees" for Ukraine. The leaders agreed on a framework rather than specific "security guarantees" parameters, and specific bilateral agreements will be signed later.
Ukrainian President Volodymyr Zelenskyy expects four to five more countries to join the initiative.
After that, the Czech president announced his country would join this initiative.
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