US Treasury Janet Yellen To Attend G20 Summit In New Delhi, Engage With Indian Counterparts

Department of Treasury said, Yellen, during her India visit, will focus on advancing the Multilateral Development Bank evolution, debt restructuring, and the IMF's Poverty Reduction and Growth Trust

US Treasury Secretary Janet Yellen will attend the G20 Leaders' Summit in New Delhi from September 7 to September 10, said an official release on Thursday, reported PTI. Yellen will engage her Indian counterparts on bilateral issues, as per the official release. This would be US Treasury Secretary's fourth visit to India this year. 

Department of Treasury said, Yellen, during her India visit, will focus on strengthening the global economy and supporting low and middle-income countries by advancing the Multilateral Development Bank (MDB) evolution, debt restructuring, and the IMF's Poverty Reduction and Growth Trust (PRGT), as per the report. Adding that she will also rally America's partners to maintain their collective economic support for Ukraine. 

"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, as per the report. 

"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),” the statement 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,” it further added. 

The US Treasury also said that Yellen will build momentum to evolve the multilateral development banks so that they 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. It estimates that the MDBs could unlock $200 billion over the next decade just from the measures already being implemented or under deliberation as part of this process – with the 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.