• About
  • Advertise
  • Privacy Policy
  • Contact
Monday, August 25, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Yellen backs new allocation of IMF’s currency to aid recovery

February 26, 2021
thevaultzby thevaultz
in USA, America
0
Yellen backs new allocation of IMF’s currency to aid recovery

US Treasury Secretary, Janet Yellen Image: Getty Images

US Treasury Secretary, Janet Yellen has signalled her support for a new allocation of the International Monetary Fund’s own currency, or Special Drawing Rights (SDR), cautioning that broad parameters were needed to boost transparency on how the reserves are used and traded.

In a letter, Yellen told Group of 20 (G20) finance officials that a new SDR allocation could boost liquidity for poor countries, which have been particularly hard hit by the global coronavirus pandemic.

The US Treasury chief gave no specific size for possible allocation of SDRs, which can be converted to hard currency by IMF members. Italy, which holds the presidency of the G20 this year, and other members of the group of rich and emerging economies have backed a $500bn allocation, but the US had expressed little interest until now. Former US President Donald Trump’s administration opposed the allocation of SDR’s.

RelatedPosts

Trump Signs Executive Order Targeting Flag Burning

Canada To Drop Tariffs On US Goods Under USMCA

New York Court Scraps Civil Fraud Penalty Against Trump

Yellen said an SDR allocation and steps to boost low- and zero-interest lending by the World Bank and IMF were needed to help contain the coronavirus pandemic and mitigate its devastating impact, particularly in poor countries with fewer resources.

“Without further international action to support low-income countries, we risk a dangerous and permanent divergence in the global economy.

 “An allocation of new Special Drawing Rights at the IMF could enhance liquidity for low-income countries to facilitate their much-needed health and economic recovery efforts. To make this tool effective, the G20 must work with a broad coalition of countries on a set of shared parameters for greater transparency and accountability in how SDRs are exchanged and used.”

Janet Yellen

Noting that the IMF’s previous SDR allocation during the global financial crisis had “served the world very well” and could do so again in the current crisis, IMF spokesman, Gerry Rice welcomed Yellen’s statement as “a very helpful letter on a very important issue.”

SDR allocations by level of development in millions of SDRs
Previous SDR allocations by level of development (in millions of SDRs)

Civil society groups, religious leaders and some Democratic lawmakers in the US Congress have called for a much larger allocation valued at $3 trillion. The IMF last issued new currency reserves of $250bn in 2009, as economies around the world battled the global financial crisis.

In another development, Yellen has revealed that dealing with climate change is part of a broader mandate for the Treasury, as it is for other departments under President Biden.

She noted that, “there’s a new movement now toward stress testing of financial institutions,” which acknowledges that finance firms face risks from the changing climate, in terms of “physical risks and also risks due to price changes, stranded assets and the like.”

The US Treasury Secretary intimated that it is “encouraging” that the Fed is looking into this, “and I think that’s something that at Treasury we may be able to discuss and facilitate.

“It’s not envisioned that these tests would have the same status in terms of limiting payouts and capital requirements, but I think they would be revealing to both regulators and to the firms themselves.”

Read Also: Yellen insists on $1.9T relief package despite signs of economic recovery

Tags: Climate ChangeG20IMFJanet YellenSpecial Drawing Rights
Please login to join discussion
Previous Post

Reforming SOEs and Implementing PPPs, A Step To Move Ghana Beyond Aid- Franklin Cudjoe

Next Post

Realization of ECOWAS Vision 2050 depends on traditional and religious leaders- Ayorkor Botchwey

[mc4wp_form id="1264"]

Related Posts

Taylor Swift Announces New Album, ‘The Life of a Showgirl’
Entertainment

Taylor Swift Shows Endless Love for Bad Bunny

August 25, 2025
Galamsey Fight Demands Policy Beyond Law Enforcement
General News

Galamsey Fight Demands Policy Beyond Law Enforcement

August 25, 2025
Hezbollah Deputy Asserts Group’s Military Capability After Israeli Strikes
Asia

Hezbollah Leader Rejects Calls For Disarmament

August 25, 2025
Botswana Declares Health Emergency Amid Drug Shortages
Africa

Botswana Declares Health Emergency Amid Drug Shortages

August 25, 2025
Solar Energy Most Economically Viable for Nigeria’s Power Mix – REA Boss 
Extractives/Energy

Solar Energy Most Economically Viable for Nigeria’s Power Mix – REA Boss 

August 25, 2025
Okyeame Kwame Idolises David Dontoh for His Influence
Entertainment

Okyeame Kwame Admits Hunger Split Akyeame Group

August 25, 2025
Taylor Swift Announces New Album, ‘The Life of a Showgirl’
Entertainment

Taylor Swift Shows Endless Love for Bad Bunny

by Esther Korantemaa OffeiAugust 25, 2025
Galamsey Fight Demands Policy Beyond Law Enforcement
General News

Galamsey Fight Demands Policy Beyond Law Enforcement

by Silas Kafui AssemAugust 25, 2025
Hezbollah Deputy Asserts Group’s Military Capability After Israeli Strikes
Asia

Hezbollah Leader Rejects Calls For Disarmament

by Comfort AmpomaaAugust 25, 2025
Botswana Declares Health Emergency Amid Drug Shortages
Africa

Botswana Declares Health Emergency Amid Drug Shortages

by Lawrence AnkutseAugust 25, 2025
Solar Energy Most Economically Viable for Nigeria’s Power Mix – REA Boss 
Extractives/Energy

Solar Energy Most Economically Viable for Nigeria’s Power Mix – REA Boss 

by Prince AgyapongAugust 25, 2025
Okyeame Kwame Idolises David Dontoh for His Influence
Entertainment

Okyeame Kwame Admits Hunger Split Akyeame Group

by Esther Korantemaa OffeiAugust 25, 2025
Taylor Swift Announces New Album, ‘The Life of a Showgirl’
Galamsey Fight Demands Policy Beyond Law Enforcement
Hezbollah Deputy Asserts Group’s Military Capability After Israeli Strikes
Botswana Declares Health Emergency Amid Drug Shortages
Solar Energy Most Economically Viable for Nigeria’s Power Mix – REA Boss 
Okyeame Kwame Idolises David Dontoh for His Influence
[/vc_row_inner]

Recent News

  • Taylor Swift Shows Endless Love for Bad Bunny
  • Galamsey Fight Demands Policy Beyond Law Enforcement
  • Hezbollah Leader Rejects Calls For Disarmament
  • Botswana Declares Health Emergency Amid Drug Shortages
  • Solar Energy Most Economically Viable for Nigeria’s Power Mix – REA Boss 
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.