Yellen encourages the G20 to “go big” with economic stimulus

Yellen encourages the G20 to

© Provided by EFE Agency

Washington, Feb 25 (EFE) .- The most advanced countries in the world must “go big” in their stimulus measures, act in unison and help vaccination in poor nations to overcome the covid-19 crisis, US Treasury Secretary Janet Yellen said Thursday.

“If ever there was a time to go big, this is it,” Yellen wrote in a letter to his G20 colleagues, who will meet this Friday virtually under the rotating presidency of Italy.

The Secretary of the Treasury defended coordinated international action to achieve a solid recovery, saying that the “first task must be to stop the virus and contain the pandemic” with global immunization.

“No nation alone can declare victory over these crises. In fact, our cooperation has never mattered more. This is a time for action and multilateralism,” he said.

He called for cooperation so that the developing world has the necessary vaccines because, according to Yellen, without them “low-income countries will experience more tragic loss of life and will unnecessarily delay their economic recovery.”

For this reason, he expressed US support for multilateral initiatives such as the COVAX program of the World Health Organization (WHO), aimed at distributing vaccines throughout the world, and urged the G20 countries to provide them more support for.

“The United States is committed to an effective and comprehensive vaccination campaign for our own population, but we are also focused on a global immunization campaign,” he said.

He also recalled the danger that low-income countries, which have “limited policy options to respond to the economic and health crises”, could be left behind, creating a “dangerous and permanent divergence in the world economy” if they do not have aid. international.

“A swift and truly global vaccination program is the strongest stimulus we can provide to the world economy,” said Yellen, who also called on G20 partners to maintain measures for reactivation as necessary for recovery.

“I urge the G20 countries to continue taking important fiscal and financial policy measures and avoid withdrawing support too soon,” he finally said.

(c) EFE Agency


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