US Treasury Secretary Yellen to travel to India to attend G20 Summit

Washington, Sep 1 (PTI): US Treasury Secretary Janet Yellen would travel to New Delhi to participate
in the G20 Leaders Summit from September 7 to September 10, during which she will continue to
rally America’s partners to maintain their collective economic support for Ukraine and engage her
Indian counterparts on bilateral issues, an official release said on Thursday.
This is her fourth visit to India this year.
During her India visit, the Department of Treasury said, Yellen will focus on strengthening the global
economy and supporting low and middle-income countries by advancing multilateral development
bank (MDB) evolution, debt restructuring, and the IMF’s Poverty Reduction and Growth Trust
(PRGT).
Yellen will continue to build momentum for the collective effort that she helped launched last
October to evolve the multilateral development banks so the MDBs to have the right vision,
incentives, operational models and financing capacity to address critical global priorities like
combating climate change, addressing pandemics and global health security, and tackling fragility
and conflict, the release stated.
The Treasury estimates that the MDBs as a system could unlock USD 200 billion over the next
decade just from the measures already being implemented or under deliberation as part of this
process – with potential for even more if MDBs undertake some of the longer-term and more
complex recommendations in the G20 Capital Adequacy Framework report, including on callable
capital, it said.
”While in New Delhi, Yellen will continue to rally America’s partners to maintain our collective
economic support for Ukraine, including through contributions from across our coalition. She will
also highlight the importance of imposing severe costs on Russia and mitigating global spillovers,”
the Treasury said.
”Yellen and our partners will work to address the consequences of Russia’s unprovoked war to global
growth and poverty reduction, including through the price cap, which has been achieving its dual
goals of reducing Russian revenue while keeping global energy prices stable, as well as efforts to
strengthen global food security through the MDBs, leveraging multilateral tools such as the Global
Agriculture and Food Security Program (GAFSP), and working towards a successful replenishment of
the International Fund for Agricultural Development (IFAD),” it said.
”Yellen will continue to deepen our bilateral relationship with India. During her visit, Secretary Yellen
will further this relationship by engaging with Indian counterparts and the Indian people to discuss
common priorities like expanding our bilateral economic ties – as she discussed in remarks last
November in New Delhi – and by cooperating on global challenges,” the statement said. PTI