US Treasury Secretary Janet Yellen emphasized the importance of intensifying support for war-ravaged Ukraine as the "most effective" means of benefiting the global economy, while also focusing on aiding emerging economies and addressing debt challenges. She made these remarks during the G20 finance ministers' summit in India. Yellen pledged to counter arguments suggesting a trade-off between assistance for Ukraine and support for developing nations, asserting that ending the conflict in Ukraine is not only a moral imperative but also the most beneficial course of action for the worldwide economy.

Yellen also highlighted ongoing efforts to tackle the debt troubles faced by struggling economies, implement banking reforms, and reach a global tax agreement. She cautioned against premature discussions regarding the removal of tariffs on China.

The conflict in Ukraine, coupled with Russia's involvement, has had far-reaching economic consequences, leading to spikes in food and fuel prices worldwide. Japan's Finance Minister, Shunichi Suzuki, reiterated the G7's unwavering support for Ukraine, emphasizing that Russia should cover damages and long-term reconstruction costs.

The topic of Ukraine presents a challenge for G20 host India, which has not openly condemned Russia's actions but is part of the Quad grouping alongside Australia, the United States, and Japan.

Yellen also mentioned positive developments in debt restructuring discussions with Zambia, which she recently held with Chinese officials in Beijing, and expressed expectations that debt agreements with Ghana and Sri Lanka would be finalized soon.

Regarding tariffs on China, Yellen stated that these tariffs were initially imposed due to concerns about unfair trade practices on China's part, and those concerns have not been adequately addressed. While she acknowledged the possibility of progress in this area over time, she cautioned against prematurely using it as a de-escalation point.

Yellen also highlighted the fact that more than half of low-income countries are currently grappling with or close to facing debt distress, marking a doubling of the cases since 2015.

The G20 finance ministers and central bank heads are scheduled to convene in Gandhinagar, Gujarat, where Mahatma Gandhi, India's independence leader, was born.