GANDHINAGAR, India: US Treasury Secretary Janet Yellen said on Sunday (Jul 16) she was 'eager' to work with China on areas of mutual interest, including debt restructurings for poorer countries, and that multilateral development banks needed reforms before capital increases could be considered. In remarks
Yellen also laid out a number of next steps for the evolution of the World Bank and other multilateral development banks, but said that any exploration of capital increases for the institutions can only be considered after implementing reforms aimed at expanding their role beyond poverty reduction to tackle global challenges such as climate change and pandemics.
Among other World Bank reform steps, Yellen said she was pushing for a new set of principles that would allow the"targeted use" of the bank's concessional financing for global challenges, including climate change and measures to boost such resources. She said she would like the World Bank to explore options for lending to sub-sovereign and supra-sovereign borrowers like the COVAX vaccine initiative.
Yellen said the United States was committed to implementing a global corporate minimum tax deal reached in 2021 despite the lack of action by the US Congress to do so. She said negotiations on technical details of the deal's Pillar 1 - reallocation of taxing rights on large multinationals including big technology firms - were"very close" to completion.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US’ Yellen ‘eager’ to work with China on debt, other global challengesDr Yellen said she was “eager” to work with China on areas of mutual interest. Read more at straitstimes.com.
Read more »
China's top diplomat Wang Yi urges stable ties with India as military tensions simmerIndia and China share a 3,800km frontier, and fought a brief but bloody war over it in 1962. Read more at straitstimes.com.
Read more »
Yellen says Ukraine aid best boost for global economyYellen said a “key priority” was “to redouble our support for Ukraine” in its defence against Russia. Read more at straitstimes.com.
Read more »
From selling street food to dazzling India debut, Jaiswal scripts rags-to-riches storyFrom selling street food in Mumbai to winning the player-of-the-match award in his test debut in Roseau, India opener Yashasvi Jaiswal is international cricket's latest rags-to-riches story.India thumped West Indies by an innings and 141 runs inside three days, a victory set up by Jaiswal's 171, which hel
Read more »
Ashwin mauls Windies, India triumph inside three days:Off-spinner Ravichandran Ashwin finished with a 12-wicket match haul as India handed the West Indies a crushing innings and 141 run defeat inside three days of the first test at Windsor Park in Roseau on Friday.Ashwin had claimed 5-60 to help skittle out West Indies for 150 in the first innings on a slow, tu
Read more »