Janet Yellen Urges Global Cooperation for Debt Relief and Economic Boost

U.S. Treasury Secretary Janet Yellen has called on international creditors to expedite debt relief efforts for developing countries facing default, emphasizing that stabilizing their finances would benefit the global economy. Yellen cited the recent agreement to help Zambia pay its debts as a blueprint for other nations like Ghana and Sri Lanka. She highlighted that over half of low-income countries are in or near debt distress, hindering their ability to attract investment. Yellen urged G20 counterparts to accelerate debt restructuring and provide clarity for borrowers. The discussions at the G20 meeting in India will also cover modernizing development banks and international support for Ukraine.