US Treasury Secretary Janet Yellen said the outlook for the global economy was 'reasonably bright' and pushed back against warnings by the International Monetary Fund of bigger risks associated with a severe flare-up of financial tensions
WASHINGTON, April 11 - U.S. Treasury Secretary Janet Yellen on Tuesday said she remained vigilant to downside risks facing the global economy, given Russia's ongoing war against Ukraine and banking pressures, but the overall outlook was "reasonably bright."
Yellen said she had not seen evidence suggesting a squeeze in credit after two U.S. bank failures last month, although that was a possibility. She said the U.S. banking system remained sound, with strong capital and liquidity positions, and the global financial system is resilient due to the significant reforms enacted after the 2008 financial crisis.
A price cap on Russian oil was helping to stabilize global energy markets while reducing Russia’s primary source of revenue, she said, adding that ending the war would be the single biggest help for global economy.Speaking at the start of a week of meetings at the International Monetary Fund and World Bank, Yellen said the U.S. labor market was strong, but inflation remained too high.
She said she was encouraged that China - the world's largest sovereign creditor - had agreed to provide specific and credible financing assurances for Sri Lanka, but said China and all of Sri Lanka's creditors needed to deliver on commitments. Yellen also called for completion of a debt treatment for Zambia and the rapid establishment of a creditor committee for Ghana.
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