Remarks by Under Secretary for International Affairs Jay Shambaugh on the U.S. Vision for Global Debt and Development Finance

As Prepared for DeliveryThank you, Peter, for the kind introduction. And thank you to Adam Posen and the Peterson Institute for International Economics for hosting me. In September last year, I laid out the U.S. Treasury Department’s views on how the IMF should respond to the macroeconomic and long-term challenges faced by low- and middle-income economies. Today I want to widen the aperture and talk about our vision for how the international financial system as a whole can and should be doing more to address these challenges, particularly given this high-stakes moment for sustainable development.Liquidity and Development ChallengesI want to start with how the system ought to work: low- and middle-income countries committed to ambitious development and sustainability goals – and pursuing sound macroeconomic and sectoral policies – should be able to access financing for productive investments without facing debt distress.