The United States Treasury Secretary, Janet Yellen, is set to participate in the G20 Leaders’ Summit taking place in New Delhi from September 7 to September 10, marking her fourth visit to India this year. During this visit, she will engage with her Indian counterparts on various crucial issues.
Strengthening the Global Economy and Supporting Low and Middle-Income Countries
The Department of Treasury has revealed that Yellen’s primary agenda during her India visit is centered around bolstering the global economy and extending support to low and middle-income nations. To achieve these goals, she will focus on three key areas.
Advancing the Multilateral Development Bank Evolution
One of the core areas of emphasis for Yellen is the advancement of the Multilateral Development Bank (MDB) evolution. This initiative is aimed at reshaping the functioning and capabilities of MDBs to better address critical global challenges.
Addressing Debt Restructuring
Debt restructuring is another critical component of Yellen’s agenda. The aim is to create a more sustainable debt landscape, ensuring that countries can manage their debt burdens effectively.
Supporting IMF’s Poverty Reduction and Growth Trust (PRGT)
The International Monetary Fund’s (IMF) Poverty Reduction and Growth Trust (PRGT) is a key instrument for poverty reduction globally. Yellen will work towards strengthening this trust, further contributing to poverty alleviation efforts.
Rallying Support for Ukraine and Imposing Costs on Russia
While in New Delhi, Secretary Yellen will use her platform to rally support from America’s partners to continue their collective economic aid to Ukraine. This includes financial contributions from the coalition of nations. Additionally, Yellen will stress the importance of imposing significant costs on Russia and mitigating the global repercussions of the ongoing conflict.
Addressing Global Consequences of Russia’s Actions
Yellen and her international partners will collaborate to address the far-reaching consequences of Russia’s unprovoked war on global growth and poverty reduction. Strategies include maintaining a price cap to reduce Russian revenue while stabilizing global energy prices and enhancing global food security through MDBs and programs like the Global Agriculture and Food Security Program (GAFSP). Efforts will also be directed towards the successful replenishment of the International Fund for Agricultural Development (IFAD).
Deepening Bilateral Relations with India
In addition to the global agenda, Secretary Yellen is committed to strengthening the bilateral relationship between the United States and India. During her visit, she will engage with Indian counterparts and the Indian people to discuss common priorities. This includes expanding economic ties between the two nations and collaborating on global challenges.
Evolving Multilateral Development Banks for Global Priorities
Lastly, Yellen will focus on building momentum to evolve multilateral development banks. This evolution will encompass defining the right vision, incentives, operational models, and financing capacity to address critical global priorities such as combating climate change, addressing pandemics, ensuring global health security, and addressing fragility and conflict. The U.S. Treasury estimates that these efforts could unlock $200 billion over the next decade, with the potential for more substantial contributions if MDBs undertake more complex recommendations as outlined in the G20 Capital Adequacy Framework report, including callable capital.
Secretary Janet Yellen’s participation in the G20 Summit in New Delhi underscores the importance of international cooperation and coordination in addressing pressing global issues. Her agenda, ranging from economic support for Ukraine to advancing the role of development banks in addressing global challenges, reflects a commitment to strengthening both global and bilateral relationships to foster a more stable and prosperous world.
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