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Updated July 11th, 2021 at 15:50 IST

US 'concerned' about risk COVID variants could pose to global economic recovery: Yellen

US Treasury Secretary Janet Yellen “very concerned” about the risk that the new variants of the virus could pose to the global economic recovery from pandemic.

Reported by: Bhavya Sukheja
US
IMAGE: AP/UNSPLASH | Image:self
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As COVID-19 cases are on a spike once again, US Treasury Secretary Janet Yellen on July 11 said that she was “very concerned” about the risk that the new variants of the virus could pose to the global economic recovery from the pandemic. Following a G20 meeting in Venice, Italy, Yellen said that the global economy is connected and, therefore, what happens in any part of the world affects all other countries. Her comments came after the G20 finance ministers in a joint statement warned that the spread of new variants was a “downside risk to the economic recovery.'' 

"We are very concerned about the Delta variant and other variants that could emerge and threaten recovery," Yellen told reporters. 

Further, she said that G20 leaders recognise the importance of working together to speed the process of vaccination and have a goal of wanting to vaccinate 70 per cent of the world’s population next year. She informed that “a lot has been done” to finance the purchase of vaccines by developing countries. However, she also added that the world needed to do something more and to be more effective with respect to responding to outbreaks across the globe, such as sending therapeutics and protective equipment. 

"While we're focused on the medium- and long-term... we certainly realise we also need to do more in the near term," Yellen said.

G20 finance ministers meeting

Meanwhile, during the G20 meeting, finance ministers also warned of the dangers of differing paces of vaccination campaigns. On Friday, the G20 heard from a specially commissioned panel of experts who warned the world must invest much more - at least $75 billion over the next five years - in a bid to prepare for and try to avert the next pandemic. The World Trade Organization, the International Monetary Fund, the World Bank and the World Health Organization have reportedly formed a task force to work on this and they have asked the G20 to have regular monthly reports on how that work is going and that we address this issue more fully in October at the G20 ministers' next meeting.

According to a press release, “the G20 made good progress on a range of issues, including climate change and the effort to help lower income nations with their vaccine rollout so the world can finally neutralize the threat of COVID-19”. 

(Image: AP/Unsplash)

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Published July 11th, 2021 at 15:49 IST

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