Washington, DC [US], September 1 : US Treasury Secretary Janet Yellen is set to travel to India to attend the G20 Leaders' Summit in the national capital.
During her stay in India, Secretary Yellen will aim to bolster the global economy and provide support to low and middle-income countries by advancing the evolution of multilateral development banks (MDBs), facilitating debt restructuring, and strengthening the IMF's Poverty Reduction and Growth Trust (PRGT).
The US Department of the Treasury said in an official press release that Yellen would place significant emphasis on addressing crucial global challenges, including combating climate change, tackling pandemics and global health security, and addressing issues related to fragility and conflict.
"Secretary Yellen will continue to build momentum for the collective effort that she helped launch 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 combatting climate change, addressing pandemics and global health security, and tackling fragility and conflict. 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 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," the official press release of the U.S. Department of the Treasury read.
Secretary of the Treasury, Janet L. Yellen, will travel to New Delhi from September 7-10 to attend the G20 Leaders' Summit.
Secretary Yellen will continue to rally America's partners in New Delhi to maintain collective economic support for Ukraine, including through donations from across our coalition.
Furthermore, Secretary Yellen will stress the importance of imposing severe consequences on Russia and mitigating global repercussions resulting from Russia's unprovoked war.
"She will also highlight the importance of imposing severe costs on Russia and mitigating global spillovers. Secretary 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 press release added.
Secretary Yellen in New Delhi, will participate in engagements on the margins of the G20 and will also hold bilateral meetings with counterparts.
During her visit, Secretary Yellen will strengthen the India-US relationship by meeting with Indian counterparts and the Indian people to discuss mutual priorities such as improving the bilateral economic ties, which she mentioned in remarks in New Delhi last November, and working on global concerns.
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