The US Treasury Secretary Janet L. Yellen will visit New Delhi for the G20 Summit from September 8 to 10, making it her fourth visit to India in 10 months, the Treasury Department announced on Thursday.
Yellen’s visit to India will focus on issues relating to strengthening the global economy and supporting low- and middle-income countries by advancing efforts on debt restructurings, the evolution of multilateral development banks (MDBs) and building IMF’s Poverty Reduction and Growth Trust (PRGT).
“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,” the White House said in a release on Thursday.
The US Treasury Department estimates that the MDB’s system could unlock $200 billion in over a decade just from the measures already being implemented or under deliberation as part of this process. There is a potential for more if some long-term and more complex is undertaken by the MDBs in the upcoming G20 Capital Adequacy Framework report.
Moreover, Yellen will also rally America’s allies in G20 to maintain economic support for Ukraine and increase the coast on Russia over the ongoing Ukraine war. This includes supporting the G7-led price cap on Russian oil exports and efforts to strengthen global food security in the face of restrictions on Ukrainian grain exports.
“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 White House release said.
Along with this Yellen is also supposed to have bilateral talks with India to deepen the India-US relationship. In one of her visits to India earlier she had described India as a prime “friend-shoring” destination and alternative to China for U.S. investment and supply chains. The statement released however did not mention specific bilateral meetings.
“Finally, Secretary Yellen will continue to deepen the US’ 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 said.
The Treasury Secretary is scheduled to participate in engagements on the margins of the G20 and also join the US president for several of his engagements.
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