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US Treasury chief urges IMF to finalize debt restructuring cases

The US Treasury Secretary urged the International Monetary Fund (IMF) to finalize outstanding debt restructuring cases, her agency announced Tuesday in a statement.

“Secretary Yellen urged the IMF to deepen its efforts to support low- and middle-income countries facing debt distress, including by continuing to press all bilateral official creditors to finalize outstanding debt restructuring cases,” according to the agency.

She also highlighted the importance of “timely action to finalize outstanding debt restructuring cases,” after meeting Nadia Calviño, the chair of the International Monetary and Financial Committee (IMFC) — the policy advisory committee of the IMF’s board of governors.

Yellen noted the request by the administration of US President Joe Biden for congressional authorization to lend up to $21 billion to the IMF’s Poverty Reduction and Growth Trust and the Resilience and Sustainability Trust.

After Yellen spoke with IMF Managing Director Kristalina Georgieva, she welcomed the newly approved IMF program for Ukraine, which will provide the war-torn country with $15.6 billion in the next four years, according to the department.

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