“Earlier today, secretary of the Treasury Janet L Yellen met with International Monetary Fund (IMF) managing director Kristalina Georgieva to discuss this year’s Article IV consultation with the US,” the readout said, reported Sputnik.

Yellen pointed out the resilience of the US economy in the face of global headwinds, as well as the progress the Biden administration has made over the past year in bringing down inflation while maintaining a strong labour market, the readout said.

In addition, Yellen shared with Georgieva the key economic priorities in the Biden administration, the government’s response to recent stress in the banking sector and the outlook for the US economy, the readout said.

“Secretary Yellen emphasised the transformative impact of the Inflation Reduction Act, which is the most consequential piece of climate legislation in US history,” the readout added.

The Treasury secretary reiterated the importance of “frank and thorough assessments” of all IMF member economies through annual surveillance processes, especially as countries deal with the effects of the conflict in Ukraine, according to the readout.