 U.S. Secretary of the Treasury Janet L. Yellen Discusses Global Food Insecurity Crisis and Highlights Forthcoming Plan to Surge Resources to Meet Urgent Need 05/16/2022 U.S. Department of the Treasury Office of Public Affairs Press Release: FOR IMMEDIATE RELEASE May 16, 2022 Contact: Alexandra LaManna; Press@Treasury.gov U.S. Secretary of the Treasury Janet L. Yellen Discusses Global Food Insecurity Crisis and Highlights Forthcoming Plan to Surge Resources to Meet Urgent Need Secretary Yellen highlights upcoming IFI Action Plan as part of a visit to World Central Kitchen in Warsaw, Poland where she met with Ukrainian refugees WARSAW, POLAND — Today, Secretary of the Treasury Janet L. Yellen visited the World Central Kitchen site in Warsaw, Poland, to highlight important work to serve Ukrainian refugees and preview an action plan from the International Financial Institutions (IFIs) to surge resources to tackle the rising threat of global food insecurity exacerbated by Russia’s invasion of Ukraine. "The work World Central Kitchen does around the globe is remarkable," said Secretary Yellen. "I, like many, deeply appreciate that World Central Kitchen shows up for communities reeling from a catastrophe and often lacking basic infrastructure to cook or deliver meals. And we know that the nourishment provided is not just physical, but also helps create a sense of safety and normalcy at times of extreme stress and uncertainty. The devastation in Ukraine in the past months reminds us not to take our next meal for granted, and how quickly events can take a turn for the worse." Secretary Yellen was joined by Gallina Vincelette from the World Bank, and welcomed the over $1.9 billion mobilized by the World Bank Group for Ukraine, including the Bank’s own fast-disbursing budget support to help the government provide critical services to Ukrainian people and support the agricultural spring planting. The World Bank has committed to mobilize nearly $3 billion of support for Ukraine, which will be fully disbursed in the coming months. The World Bank is also helping to mitigate fertilizer shortages by investing in projects like precision agriculture to expand fertilizer production and access and to improve the efficiency of input use.” Secretary Yellen was also joined by Matteo Patrone from the European Bank for Reconstruction and Development (EBRD), and applauded their commitment to invest an initial €1 billion this year in support of the Ukrainian economy, which will be a mix of donor funds and the Bank’s own funding. The EBRD will also increase trade finance commitments for agricultural inputs in the region from €800 million to €1 billion per year by the end of 2023, and increase investments in food value chains from €400 million to €500 million per year. Specifically in Ukraine, the EBRD will provide up to €200 million in trade finance, direct and risk sharing loans to Ukrainian agribusiness companies as well as advisory services to update storage and trade infrastructure and improve the efficiency of export/import logistics. These actions stem from Secretary Yellen's convening during April's World Bank-International Monetary Fund Meetings in Washington, D.C. At the meeting, the Secretary called on IFIs to mobilize around this growing crisis and provide support, building on their strong track record and significant financial, technical, policy, and knowledge work in this area. At Secretary Yellen's visit to a World Central Kitchen operational site in Warsaw she also met with the CEO of World Central Kitchen, Nate Mook, and several refugees from Ukraine who are running the Warsaw site. Secretary Yellen outlined the United States’ ongoing efforts to address the crisis of rising food insecurity, including the $5 billion for food assistance included in the House passed Congressional appropriation to support Ukraine. She praised the efforts of World Central Kitchen, which has set up multiple sites across Poland, Romania, Moldova, Hungary, and Slovakia, as well as in liberated cities in Ukraine, to deliver meals for refugees. The World Food Programme estimates that 44 million people in 38 countries are on the edge of famine. And the World Bank estimates that 10 million people fall into extreme poverty for each one percentage point increase in food prices During the World Central Kitchen visit today, the Secretary highlighted that the IFIs will play a vital role in helping countries respond to rising food insecurity that has been severely exacerbated by Russia's invasion of Ukraine, and recognized the efforts of the World Bank Group and the EBRD to support Ukraine’s agriculture sector. Secretary Yellen also highlighted Treasury’s requests within a supplemental appropriations bill for assistance to Ukraine to include $500 million for the EBRD and its trust funds and facilities, where funding for food security is a high priority, and $150 million for the Global Agriculture and Food Security Program (GAFSP), a mechanism that channels additional funding to support food security and agricultural projects in the poorest countries. “I thank Secretary Yellen for her commitment to the Ukrainian people, and for her belief in World Central Kitchen’s mission that food is an important solution. Almost three months into this war one thing is true: We are all Ukrainians." said Chef José Andrés, founder of World Central Kitchen. "Support needs to come from around the world, boldly and urgently. We need to think of all the people in need: from the hungry now to the Ukrainian farmers and food producers who feed their communities and many in other countries that rely on their grain. World Central Kitchen will continue to fight the best way we know how, one plate of food at a time.” Later this week, the Secretary will release the comprehensive IFI Action Plan to Address Food Insecurity, which details how the EBRD, the World Bank, and the other IFIs are stepping up, surging, and scaling their work on food security and agriculture.  MEDIA ADVISORY : Secretary of Treasury Janet L. Yellen to Deliver Tommaso Padoa Schioppa Lecture at the Brussels Economic Forum 05/16/2022 U.S. Department of the Treasury Office of Public Affairs Press Release: FOR IMMEDIATE RELEASE May 16, 2022 Contact: Alexandra LaManna; Press@Treasury.gov Media Advisory Secretary of Treasury Janet L. Yellen to Deliver Tommaso Padoa Schioppa Lecture at the Brussels Economic Forum WASHINGTON – On May 17, Secretary of the Treasury Janet L. Yellen will deliver this year’s Tommaso Padoa Schioppa lecture at the Brussels Economic Forum. Secretary Yellen will address the way forward for the global economy in the wake of Russia’s brutal war against Ukraine, and discuss the unmet challenges that would benefit from multilateral cooperation in the years ahead. WHO: Secretary of the Treasury Janet L. Yellen WHEN: Tuesday, May 17, 2022 11:15 AM CEST// 5:15 AM ET WHERE The Square Brussels Meeting Centre. Mont des Arts. 1000, Brussels, Belgium This event is also open to the press and available via livestream on the Brussels Economic Forum 2022 website, Facebook, and Twitter; On-site press can register for the event is available here. ###  Secretary of the Treasury Janet L. Yellen Delivers Remarks at the POLIN Museum in Warsaw, Poland 05/16/2022 U.S. Department of the Treasury Office of Public Affairs Press Release: FOR IMMEDIATE RELEASE May 16, 2022 Contact: Alexandra LaManna; Press@Treasury.gov Secretary of the Treasury Janet L. Yellen Delivers Remarks at the POLIN Museum in Warsaw, Poland WARSAW, POLAND – Today, Secretary of the Treasury Janet L. Yellen visited the POLIN Museum of the History of Polish Jews on the site of the former Warsaw Ghetto. The Museum showcases the important history of Jews in Poland over the past thousand years and stands directly across from the Monument to the Ghetto Heroes, which commemorates the 1943 Warsaw Ghetto Uprising. Secretary Yellen delivered remarks and laid a wreath at the Monument to the Ghetto Heroes. Remarks As Prepared for Delivery Thank you for being here with me today. I’m honored to be at this important site. This museum not only bears witness to one of humanity’s darkest chapters but also celebrates hundreds of years of vibrant Polish Jewish culture. Being here today is personal to me. My father’s family immigrated to the United States from Sokołów Podlaski, just over 50 miles from where we stand now. The town to which I trace my roots has a tragic yet familiar history. During the Holocaust, nearly the entire Jewish population, including much of my family, was deported or murdered. The Nazis destroyed the town’s cultural landmarks, and the Jewish cemetery was vandalized. Today, Sokołów Podlaski’s Jewish community is a fraction of what it once was. Yet, the region where my relatives lived was also home to resistance. Eastern Poland was a hub for groups like the Polish resistance movement, a brave opposition who – in the face of insurmountable odds and almost unthinkable risk – stood up to evil. As this museum reminds us, the story of the Jews in Poland is not just one of tragedy; it is a story of bravery and perseverance. That is part of the legacy I am here today to honor: taking action to confront evil. And it is a legacy that is also at the core of the Treasury Department. In the spring of 1940, a time when the United States still held an official position of neutrality in World War II, Treasury Secretary Henry Morgenthau persuaded President Roosevelt to sign an Executive Order freezing the assets of Denmark and Norway. The Order made it impossible for the Nazis to capture overseas assets of countries that they were invading. With this, Morgenthau launched what he called the “unseen front” of the war, a critical but largely unrecognized set of economic actions that damaged the Nazis’ ability to fund their encroachment into other nations. And, in the face of resistance from other arms of government, Morgenthau also convinced Roosevelt to establish the War Refugee Board. The Board worked to rescue Jews from occupied territories and provide relief to those in hiding and in concentration camps, ultimately saving tens of thousands of lives. The lesson of Morgenthau’s decisive actions is the lesson of Sokołów Podlaski and the lesson of many exhibits in this museum: We must use the tools at our disposal to fight oppression. And that lesson must be applied today. A few hundred miles to our East lies another place where people are bravely fighting for their freedom. My thoughts continue to be with the people of Ukraine as they fight back against Putin’s brutal invasion into their homeland. Putin’s ongoing attacks on Ukraine require that we think about what we can do to confront brutality. Almost three months into this unjustified war, the Polish people have been the model of stepping up to help in a time of need. Your country has rolled out the welcome mat, taking in over three million Ukrainian refugees. We at Treasury are also doing what we can to ensure that Putin’s brutal war is met with fierce resistance internationally. The United States and more than 30 of our partners have imposed unprecedented financial pressure measures on the Russian Federation and its leadership. We are firm in our resolve to hold Russia accountable and to strengthen the hand of the Ukrainian people at every turn. This moment calls for us to step up and do our part. I’m grateful to those who have introduced me to this moving museum, and I’ll continue to take these lessons of the past with me as we work toward a better future. Thank you very much. ###  READOUT: U.S. Secretary of the Treasury Janet L. Yellen’s Meetings in Warsaw, Poland 05/16/2022 U.S. Department of the Treasury Office of Public Affairs Press Release: FOR IMMEDIATE RELEASE May 16, 2022 Contact: Alexandra LaManna; Press@Treasury.gov READOUT: U.S. Secretary of the Treasury Janet L. Yellen’s Meetings in Warsaw, Poland WARSAW—U.S. Secretary of the Treasury Janet L. Yellen visited Warsaw, Poland from May 14-16. In meetings with Polish Prime Minister Mateusz Morawiecki and Finance Minister Magdalena Rzeczkowska, Secretary Yellen reiterated the United States’ steadfast support for Ukraine’s sovereignty and welcomed Poland’s strong partnership in holding Russia accountable for its war against Ukraine. The Secretary expressed her gratitude at the generosity Poland has shown in welcoming refugees fleeing Russia’s illegal war on Ukraine. The Secretary also discussed the energy situation in Europe and investment screening. Secretary Yellen also underscored the need to move forward on the global agreement on international tax reform, including a global minimum tax that will raise crucial revenues to benefit the citizens of both Poland and the U.S. One hundred and thirty seven countries representing nearly 95% of the world’s GDP agreed last fall on a deal that will stabilize our tax systems, provide resources to invest in security and respond to crises like Covid-19, and ensure corporations fairly share the burden of financing government. Secretary Yellen committed to continuing to work together with Poland on this important initiative. The Secretary also met with Governor of Narodowy Bank Polski Adam Glapiński. The Secretary discussed the macroeconomic impacts of Russia’s war against Ukraine as well as efforts by Narodowy Bank Polski to facilitate currency conversion for refugees. ###  Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the Conference of African Ministers of Finance, Planning and Economic Development 05/16/2022 U.S. Department of the Treasury Office of Public Affairs Press Release: FOR IMMEDIATE RELEASE May 16, 2022 Contact: Public Affairs; Press@Treasury.gov Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the Conference of African Ministers of Finance, Planning and Economic Development Remarks As Prepared for Delivery Ministers and distinguished panelists, greetings from Washington. While I am unfortunately not able to be with you in person, I deeply appreciate the chance to speak with you and address some of the issues I know you are facing. The last two years have underscored the importance of the discussions you are gathered to have—how Africa and Africans can take advantage of the opportunities on the continent, and what is needed from the rest of the world to support your efforts. Let me begin by saying that in these efforts we are your ally, and we hope to be an active partner in achieving these aspirations. We share your goal of a growing, stable Africa that lives up to its global economic potential, creating the jobs that allow Africans to improve the prospects of their families and children. The effects of the COVID-19 pandemic and the more recent impact of Russia’s brutal war in Ukraine have clarified the urgency of this work. COVID hit every country, but in Africa it exposed the economic vulnerabilities and weakness in health systems that deepened the pain it caused. Russia’s aggression has highlighted Africa’s reliance on global supply chains that risk food insecurity and hunger. Notwithstanding these crises, Africa has restated its commitment to meet the Sustainable Development Goals and deliver on the promise of economic opportunity. Africa’s friends and partners, including the United States, stand ready to work together toward these vital objectives. As Secretary Yellen has emphasized, we must work together as a global community to build resilience in a shock-prone world and overcome barriers to inclusive growth. That is why the United States has supported a robust set of tools within the international financial institutions, along with expanded PRGT lending at the IMF, an accelerated IDA replenishment, and the SDR allocation. The United States will remain a steadfast partner to Africa and African institutions like the African Development Bank, supporting Africa as its advances its vision for growth. And we will continue to work together to address priorities like rising debt risks, food insecurity, climate change, and critical infrastructure needs. Of course, these actions must be taken with Africa rather than on its behalf, through institutions and governance that reflect the voice and input of African countries. Let me touch on each of these issues, in turn. Let’s start with debt risks. More than twenty African countries today are at high risk of debt distress or already in debt distress, up from eight in 2015. Rising borrowing costs, especially as rates continue to rise, will stretch African governments’ balance sheets and further weigh on those that are heavily indebted. While we worked hard within the G20 to successfully implement the Debt Service Suspension Initiative (DSSI), we are frustrated that implementation of the Common Framework has lagged. Restructurings need to be more timely and predictable, with full participation of all official bilateral creditors. As you know, the rising share of non-Paris Club bilateral and commercial debt among low- and middle-income borrower countries complicates debt negotiations. As African nations seek to manage their debt risks, they must remain cognizant of who their lenders are, the terms they are demanding, and whose interests those lenders will ultimately prioritize. The United States is committed to working with our international partners to improve the multilateral frameworks for debt restructurings and deliver the necessary relief to African countries. Next, food insecurity in Africa has long been a deeply concerning issue, with 300 million Africans facing chronic food insecurity even prior to this year. Russia’s war of choice in Ukraine has exacerbated these challenges, particularly for the most vulnerable countries and households. According to the World Bank, for every additional one percentage point increase in food prices, nearly 10 million people are pushed into extreme poverty worldwide—and Africa far from exempt. Secretary Yellen recently called on the international financial institutions to act with urgency to roll out a joint action plan to combat rising food insecurity. This plan will set out what each institution will do to support vulnerable people, promote open trade, mitigate fertilizer shortages, support food production now, invest in climate-resilient agriculture for the future, and coordinate for maximum impact. Africa must also address the threat posed by climate change. With its reliance on rainfed agriculture and vulnerability to weather events, many African countries face potentially devasting climate risks. The United States is committed to working together with you, our African counterparts, and international development partners to build climate resilience. This is a joint priority as we move toward the COP27 in Egypt. As an essential link the metals and minerals supply chains needed for many renewable technologies, Africa must play a critical role in shaping the global response to climate change. Africa is also well positioned to contribute to climate solutions by preserving, with international community support, the Congo Basin, the earth’s second green lung. For our part, the United States has been a staunch supporter of the Climate Funds, MDB efforts on climate, and the IMF’s Resilience and Sustainability Trust. We are committed to continuing to support these efforts, bilaterally with African governments and multilaterally through the MDBs. Beyond climate, quality infrastructure more generally is a necessary underpinning for the growth needed to unleash the potential of Africa’s dynamic, young population. The United States is committed to working with like-minded development partners from the international financial institutions, the private sector, and bilateral lenders to support high quality infrastructure. We will work to advance our support through the U.S. Millennium Challenge Corporation, the Development Finance Corporation, and specific initiatives like Power Africa and Prosper Africa. The U.S. also encourages the international financial institutions to focus on improving local resource mobilization and debt transparency, deepening capital markets, and enhancing governance to boost opportunities for private sector infrastructure investment in Africa. Finally, I can’t talk about investment today without touching on the Biden Administration’s commitment to combatting corruption. At Treasury, we are working to promote financial transparency at home and abroad, expose corrupt actors, and make it more difficult for them to abuse the American and global financial systems. The United States is also committed to working with our African partners to advance the reforms necessary to curb corruption, improve governance, and enhance business enabling environments in the process, including by offering technical assistance. Let me conclude today by reiterating that the United States shares the vision of a prosperous, stable and free Africa. We—the Treasury Department and the United States—will continue to walk with Africa in a renewed partnership to address these urgent needs. Thank you again, and I look forward to hearing the results of your productive and fruitful discussions in Dakar.  Treasury International Capital Data for March 05/16/2022 U.S. Department of the Treasury Office of Public Affairs Press Release: FOR IMMEDIATE RELEASE May 15, 2022 Contact: Alexandra LaManna; Press@Treasury.gov Treasury International Capital Data for March WASHINGTON– The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for March 2022. The next release, which will report on data for April, is scheduled for June 15, 2022. The sum total in March of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $149.2 billion. Of this, net foreign private inflows were $172.4 billion, and net foreign official outflows were $23.3 billion. Foreign residents increased their holdings of long-term U.S. securities in March; net purchases were $20.2 billion. Net purchases by private foreign investors were $29.4 billion, while net sales by foreign official institutions were $9.2 billion. U.S. residents decreased their holdings of long-term foreign securities, with net sales of $2.8 billion. Taking into account transactions in both foreign and U.S. securities, net foreign purchases of long-term securities were $23.1 billion. After including adjustments, such as estimates of unrecorded principal payments to foreigners on U.S. asset-backed securities, overall net foreign purchases of long-term securities are estimated to have been $1.8 billion in March. Foreign residents decreased their holdings of U.S. Treasury bills by $16.4 billion. Foreign resident holdings of all dollar-denominated short-term U.S. securities and other custody liabilities increased by $12.1 billion. Banks’ own net dollar-denominated liabilities to foreign residents increased by $135.2 billion. Complete data are available on the Treasury website at: https://home.treasury.gov/data/treasury-international-capital-tic-system About TIC Data The monthly data on holdings of long-term securities, as well as the monthly table on Major Foreign Holders of Treasury Securities, reflect foreign holdings of U.S. securities collected primarily on the basis of custodial data. These data help provide a window into foreign ownership of U.S. securities, but they cannot attribute holdings of U.S. securities with complete accuracy. For example, if a U.S. Treasury security purchased by a foreign resident is held in a custodial account in a third country, the true ownership of the security will not be reflected in the data. The custodial data will also not properly attribute U.S. Treasury securities managed by foreign private portfolio managers who invest on behalf of residents of other countries. In addition, foreign countries may hold dollars and other U.S. assets that are not captured in the TIC data. For these reasons, it is difficult to draw precise conclusions from TIC data about changes in the foreign holdings of U.S. financial assets by individual countries.  mfh-22Mar.txt corpsect-22Mar.txt npr_history-22Mar.csv PR table for press-22Mar.csv agnsect-22Mar.txt GrandTotal-22Mar.txt tressect-22Mar.txt stksect-22Mar.txt |
