G20 Summit: US Treasury Secretary Yellen's visit to India forges multilateral collaboration
Washington, September 1: The White House has announced that Janet L Yellen, the Secretary of the Treasury for the United States, will be actively participating in the upcoming G20 Leaders’ Summit, scheduled to take place from September 7 to September 10 in the vibrant city of New Delhi, India. This marks Secretary Yellen's fourth visit to India in a span of just 10 months, underscoring the significance of her engagement with the nation.
The primary objectives of Secretary Yellen's visit revolve around fortifying the global economy and extending support to low and middle-income nations. Central to her agenda is advancing discussions on the evolution of Multilateral Development Banks (MDBs), facilitating debt restructuring, and promoting the objectives of the International Monetary Fund's Poverty Reduction and Growth Trust (PRGT).
The White House release on Thursday articulated Secretary Yellen's purpose during the summit: "Secretary 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 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."
In line with this mission, the Treasury Department's estimations highlight the potential of the MDBs, projecting the unlocking of an impressive USD 200 billion over the next decade. This financial infusion is anticipated to stem from measures that are already being implemented or are under consideration as part of this evolutionary process. Moreover, the G20 Capital Adequacy Framework report presents longer-term and more intricate recommendations, including those concerning callable capital, which could further augment this financial boost.
While situated in New Delhi, Secretary Yellen's efforts will be directed towards rallying international support, particularly within the coalition, for Ukraine. This strategic approach aims to uphold collective economic assistance and ensure the effective imposition of substantial costs on Russia. The intention is to curtail global spillovers and mitigate the consequences of Russia's unprovoked actions on the international stage.
Addressing the pressing matter, the White House release stated, "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…"
Beyond the economic landscape, Secretary Yellen's visit is poised to bolster the bilateral relationship between the United States and India. The endeavor encompasses fostering closer engagement with Indian counterparts, as well as interactions with the general populace, to deliberate on mutual priorities. These priorities encompass expanding bilateral economic ties and collaborating on global challenges, as reiterated in her previous remarks made in New Delhi last November.
During her stay, Secretary Yellen is expected to participate in various events on the fringes of the G20 Leaders’ Summit. Additionally, she is slated to conduct bilateral meetings with her counterparts and partake in key engagements led by the President, thus contributing to the collaborative momentum and reinforcing the ties between nations.