Both agreed that a new Special Drawing Rights (SDR) allocation could form an important part of a package of support for low income countries and could be vital for securing a truly global recovery.
The Chancellor has previously signalled that progress on a new allocation would be a priority for the UK's G7 presidency. Sunak and Yellen discussed how to use Friday's G7 meeting to work towards a possible agreement by the IMF Spring Meetings. Negotiations are ongoing.
Following his meeting with US Climate Envoy John Kerry last week (8 March 2021), the Chancellor reiterated the case for progress on climate and environmental issues in the G7, including on sustainability-related financial disclosures and impact reporting and climate finance to support the global transition to Net Zero.
Both looked forward to speaking again at Friday's meeting of G7 Finance Ministers.
