Secretary of the Treasury, Janet L. Yellen, is gearing up for her fourth visit to India in the last 10 months, where she will participate in the highly anticipated G20 Leaders’ Summit taking place from September 7 to September 10 in New Delhi.
During her visit, Secretary Yellen will be at the forefront of discussions aimed at bolstering the global economy and providing support to low and middle-income nations. The key areas of focus include advancing the evolution of multilateral development banks (MDBs), debt restructuring, and reinforcing the IMF’s Poverty Reduction and Growth Trust (PRGT).
One of the highlights of Secretary Yellen’s agenda is the ongoing initiative to reshape MDBs, a collective effort she helped initiate last October. The goal is to equip these banks with the vision, incentives, operational models, and financial capacity required to address critical global priorities. These priorities encompass combatting climate change, addressing pandemics, global health security, and addressing fragility and conflict. It’s estimated that this transformation could unlock an impressive $200 billion over the next decade, with potential for even more substantial contributions if MDBs embrace more comprehensive recommendations outlined in the G20 Capital Adequacy Framework report.
While in New Delhi, Secretary Yellen will also rally the support of America’s partners to continue their collective economic assistance to Ukraine. This assistance, which includes contributions from various coalition members, plays a crucial role in supporting Ukraine and imposing substantial costs on Russia for its actions. The focus will be on mitigating global economic repercussions stemming from Russia’s unprovoked war. This effort encompasses measures such as price capping, which reduces Russian revenue while maintaining stable global energy prices. Additionally, multilateral tools, including the Global Agriculture and Food Security Program (GAFSP), will be leveraged to strengthen global food security, with a push for a successful replenishment of the International Fund for Agricultural Development (IFAD).
Secretary Yellen’s visit will not only be about international diplomacy; it will also serve to deepen the bilateral relationship between the United States and India. This will be achieved through engagements with Indian counterparts and discussions with the Indian people on common priorities. These priorities include expanding bilateral economic ties and fostering cooperation on global challenges.
During her stay in New Delhi, Secretary Yellen will actively participate in events on the margins of the G20 Summit and engage in bilateral meetings with counterparts. She will also join the President for various engagements on the sidelines of the meetings.
Secretary Yellen’s visit to India for the G20 Leaders’ Summit represents a significant diplomatic endeavor, highlighting the United States’ commitment to strengthening global economic cooperation and addressing critical global issues.