The advancement of multilateral development banks (MDBs) and debt restructuring will be one of the key areas of Secretary of the Treasury, Janet L Yellen, focus next week.
The advancement of multilateral development banks (MDBs) and debt restructuring will be one of the key areas of Secretary of the Treasury, Janet L Yellen, focus next week.
She is embarking on her fourth visit to India in just 10 months, highlighting the significance of this trip. Her visit coincides with the G20 Leaders’ Summit from September 7 to September 10, where she will play a pivotal role in discussions centered around strengthening the global economy and supporting low and middle-income countries.
This approach aims to provide better financial support to nations in need, particularly in these challenging times. Additionally, Secretary Yellen will address the IMF’s Poverty Reduction and Growth Trust (PRGT), emphasizing the importance of alleviating poverty while fostering economic growth.
Last October, Secretary Yellen initiated a collective effort to revamp MDBs. The goal is to equip these banks with the right vision, incentives, operational models, and financing capacity to tackle critical global issues. These include combating climate change, addressing pandemics and global health security, and addressing fragility and conflict. By implementing measures and recommendations, Treasury estimates that MDBs could unlock a substantial $200 billion over the next decade, with potential for even more if they undertake more complex recommendations.
During her time in New Delhi, Secretary Yellen will also focus on maintaining economic support for Ukraine. This collective effort, involving contributions from various nations, is crucial to Ukraine’s stability and resilience.
According to an official statement issued by the US Department of The Treasury, Secretary Yellen will highlight the importance of holding Russia accountable for its actions while minimizing global repercussions. The ongoing price cap has been effective in reducing Russian revenue while stabilizing global energy prices. Efforts to bolster global food security through multilateral tools like the Global Agriculture and Food Security Program (GAFSP) and replenishing the International Fund for Agricultural Development (IFAD) will also be on the agenda.
Beyond international matters, Secretary Yellen will further deepen the bilateral relationship between the two countries. Her discussions will revolve around expanding economic ties and addressing global challenges that affect both nations. This continued collaboration reflects the shared commitment to tackling issues of global importance.
During her visit, Secretary Yellen will actively engage with Indian counterparts and the Indian people, fostering a spirit of cooperation and partnership. She will participate in various engagements on the sidelines of the G20 Summit, holding bilateral meetings with counterparts and joining the President for key discussions.
https://www.financialexpress.com/business/defence-treasury-secretary-yellens-visit-to-india-for-g20-summit-a-focus-on-global-economy-and-collaboration-3230306/
