U.S. Treasury Secretary Janet Yellen recently warned lawmakers that the global economy can expect “enormous repercussions” from the war in Ukraine. In testimony before a congressional committee, Yellen explained that spillover from the war is heightening economic vulnerabilities in many countries already facing higher debt burdens and limited policy options as they recover from COVID-19. In response, the U.S. is ramping up efforts to have the international financial institutions provide relief to countries vulnerable to food and energy insecurity as well as unsustainable debt. In related news, Russia is facing its first sovereign external default in over a century. Stay tuned.
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