Treasury appointee says COVID-19 aid to poorest countries critical for US interests

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Wally Adeyemo, President Joe Biden’s nominee for the No. 2 job at the US Treasury, said it was critical to end the COVID-19 pandemic everywhere around the globe and doing so would require providing resources to some of the poorest countries.

Adeyemo made the comment at his confirmation hearing before the Senate Finance Committee when asked about a possible new allocation of the International Monetary Fund’s own currency, or Special Drawing Rights (SDRs), that would allow rich countries to provide additional resources to poorer countries.

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“Providing financial resources to some of the most poorest countries in the world is going to be critical to our national security if we seek to make sure that COVID-19 isn’t something that continues to affect us,” Adeyemo said.

Democratic Senator Elizabeth Warren told Adeyemo it was no surprise that the Trump administration had blocked issuance of new SDRs, a move akin to a central bank printing money, but she hoped the Biden administration would reverse that position…

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