U.S. Treasury’s Yellen says Congress needs to fund debt relief programs

Published by
Reuters

By David Lawder WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen told lawmakers on Thursday that debt relief for poor and developing countries would be hampered without new funding, while $2.7 billion in current unmet U.S. commitments to the World Bank, International Monetary Fund and other institutions would grow. Yellen, in prepared remarks to a U.S. House of Representatives Appropriations subcommittee, said that the G20 Debt Service Suspension Initiative for poor countries and a new debt restructuring “Common Framework” both need funding from Congress. “Without new funding, the Un…

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