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The United States hopes to raise $200 billion through international financial institutions (IFIs) to aid developing nations like Ukraine, told US Treasury Secretary Janet Yellen.
According to her, the United States is leading a global coalition to support Ukraine, and "American aid will be a catalyst for further financial assistance from other countries and international financial institutions," she said.
The World Bank's new platform will assist "the U.S.-launched evolution of multilateral development banks," according to the finance chief," and would be able to borrow up to $25 billion more. The moves, according to the U.S. Treasury Department, will aid low-income nations in coping with the food crisis and the effects of the conflict in Ukraine.
"We are working to ensure that US actions at international financial institutions, with the support of our partners and allies, will mobilize $200 billion in new financing for developing countries," Yellen added.
source: cnn.com
According to her, the United States is leading a global coalition to support Ukraine, and "American aid will be a catalyst for further financial assistance from other countries and international financial institutions," she said.
The World Bank's new platform will assist "the U.S.-launched evolution of multilateral development banks," according to the finance chief," and would be able to borrow up to $25 billion more. The moves, according to the U.S. Treasury Department, will aid low-income nations in coping with the food crisis and the effects of the conflict in Ukraine.
"We are working to ensure that US actions at international financial institutions, with the support of our partners and allies, will mobilize $200 billion in new financing for developing countries," Yellen added.
source: cnn.com