Yellen is attending the G20 summit in India, with a focus on the economy, climate and Ukraine
U.S. Treasury Secretary Janet Yellen joins India’s Treasury Secretary Nirmala Sitharaman to address media on the sidelines of a G20 meeting in Gandhinagar, India July 17, 2023. REUTERS/Amit Dave/File Photo acquire license rights
WASHINGTON, Aug 31 (Reuters) – US Treasury Secretary Janet Yellen will travel to New Delhi September 7-10 to attend the G20 summit of leaders. This is her fourth visit to India in ten months, the Ministry of Finance said on Thursday.
At the summit, Yellen wants to focus on strengthening the global economy and supporting low- and middle-income countries by advancing debt restructuring efforts, developing multilateral development banks (MDBs) and building International Monetary Fund trust fund resources, the Treasury Department said .
It will “continue to build momentum” to further develop the World Bank and other multilateral lenders to increase financing capacity to help developing countries transition to clean energy and combat pandemics, fragility and conflict, it said.
The Treasury Department estimates that lenders collectively can unlock $200 billion in new funding over a decade, with accounting measures being implemented or under discussion.
The Treasury Department said Yellen will also mobilize US G20 allies to maintain economic support for Ukraine and increase costs to Russia over Moscow’s ongoing war in Ukraine. These include support for the G7-led price cap on Russian oil exports and efforts to strengthen global food security amid restrictions on Ukrainian grain exports.
At the same time, the Treasury Department said Yellen will work to deepen U.S. bilateral ties with India, a country it first identified last November as a prime “friendshoring” destination and alternative to China for U.S. investment and supply chains.
The Ministry of Finance’s statement made no mention of specific bilateral meetings.
On the sidelines of last year’s G20 summit in Indonesia, Yellen met with then-People’s Bank of China Governor Yi Gang in the first of several face-to-face meetings with senior Chinese officials in recent months to ease strained US-China relations , which culminated in her visit to Beijing in July.
Reporting by David Lawder, edited by Bill Berkrot
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