© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen speaks throughout a information convention, after attending the G7 finance ministers assembly, at Winfield Home in London, Britain June 5, 2021. Justin Tallis/Pool through REUTERS

WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen informed lawmakers on Thursday that debt reduction for poor and creating international locations could be hampered with out new funding, whereas $2.7 billion in present unmet U.S. commitments to the World Financial institution, Worldwide Financial Fund and different establishments would develop.

Yellen, in ready remarks to a U.S. Home of Representatives Appropriations subcommittee, mentioned that the G20 Debt Service Suspension Initiative for poor international locations and a brand new debt restructuring ‘Widespread Framework’ each want funding from Congress.

“With out new funding, the USA could possibly be pressured to delay the multilateral debt course of underneath the Widespread Framework and cost a lot greater rates of interest on DSSI debt service suspensions,” Yellen mentioned.

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