Yellen To Advocate For MDB Reform On Nine-Day Trip

Treasury Secretary Janet Yellen will depart Sunday on a nine-day international trip to advocate for the Biden administration’s plans to reform multinational development banks and drum up support for additional measures to curb Russia’s oil revenue.

• Yellen will begin her trip in Marrakech, Morocco where she will address the annual meetings of the International Monetary Fund and World Bank. She will then travel to Luxembourg to participate in the Eurogroup Finance Ministers Meeting on Monday, October 16. On October 20, she will deliver a major speech on World Bank reforms.
• Treasury: “In Morocco, Secretary Yellen will also underscore that the United States and its global partners are united in their steadfast commitment to support Ukraine as it defends itself against Russia’s illegal war, and to working with countries to mitigate the global spillover effects of the war…”
• In Luxembourg, Yellen will, “work with European partners to coordinate our shared support for Ukraine. That includes through our global sanctions coalition which is denying Russia the revenue and equipment it needs to wage its illegal war... In meetings, Secretary Yellen will also discuss with partners ways of further aligning our respective economic relationships with China around shared principles.”