Janet Yellen Secretary of the Treasury | U.S. Treasury
The International Monetary and Financial Committee (IMFC) recently held its annual meeting, marking the 80th anniversary of the Bretton Woods institutions. During this event, U.S. Treasury Secretary Janet L. Yellen emphasized the significant achievements of the International Monetary Fund (IMF) over the past decades and highlighted ongoing challenges.
Yellen acknowledged the IMF's evolution from its initial 30 members to its current 191 members and praised its adaptability in responding to global financial crises such as COVID-19 and Russia's conflict with Ukraine. She stated, "The global economy has proven stronger and more resilient than expected, in no small part due to the strong engagement and financial support of International Financial Institutions (IFIs) like the IMF."
In her statement, Yellen also discussed recent efforts by the United States to support reforms within the IMF, including a $21 billion loan for poverty reduction initiatives. She expressed satisfaction with advancements in policy reviews concerning IMF charges and surcharges.
Addressing current global conflicts, Yellen noted that "the work of the IMF and its members remains unfinished," citing issues such as Middle East tensions and Russia's actions against Ukraine. She reaffirmed U.S. support for Ukraine, stating that "together with other G7 members, we have stepped up our support for Ukraine."
Yellen called for increased collaboration among international financial institutions to address financing challenges faced by low- and middle-income countries. She stressed that "a more robust response is needed" to ensure these nations can make necessary investments without compromising debt sustainability.
On governance matters, Yellen urged continued efforts to combat corruption and enhance transparency within IMF programs. She supported recent reviews aimed at reforming lending practices under the Poverty Reduction and Growth Trust (PRGT).
Finally, Yellen underscored the importance of maintaining a strong IMF balance sheet to enable effective crisis response capabilities. She reiterated U.S. commitment to ensuring that "the IMF has the resources and tools it needs to fulfill its mission."
