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Yellen: Redoubling Ukraine support 'single best thing' for global economy

by The Kyiv Independent news desk July 16, 2023 1:41 PM 1 min read
Janet Yellen, U.S. Treasury secretary, speaks at a Multilateral Development Bank roundtable during the spring meetings of the International Monetary Fund (IMF) and World Bank Group in Washington, DC, on April 12, 2023. (Photo by Samuel Corum/Bloomberg via Getty Images)
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Redoubling support for Ukraine is the best way to improve the international economy, U.S. Treasury Secretary Janet Yellen said on the sidelines of a G20 summit of finance ministers in India, according to AFP.

"Ending this war is first and foremost a moral imperative," she told reporters in Gandhinagar, which is hosting a wider G20 summit. "But it's also the single best thing we can do for the global economy."

She said she would push back on criticism that there is a tradeoff between aiding Ukraine and developing countries.

Russia's full-scale invasion has caused food and fuel prices to soar. Many countries rely on Ukraine's grain and other food exports, which Russia's warships in the Black Sea blocked and interfered with. Russia is also a major agricultural exporter.  

An earlier grain deal negotiated to allow the export of some Ukrainian grain expires on July 17. An agreement to extend it has not been reached.

After visiting Kyiv in February, Yellen said she saw the massive difference that foreign aid has made for the country.

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