Ms. Yellen wants to concentrate on boosting the world economy, expanding debt restructuring initiatives, modernising multilateral development institutions, and increasing IMF trust fund resources.
As part of her fourth trip to India in ten months, U.S. Treasury Secretary Janet Yellen will visit New Delhi for the G20 leaders conference from September 7–10, the Treasury Department announced on Thursday.
According to the Treasury, Ms. Yellen plans to concentrate on advancing efforts on debt restructurings, the development of multilateral development banks (MDBs), and increasing resources for the International Monetary Fund trust fund at the summit in order to strengthen the global economy and support low-and middle-income countries.
According to the statement, she will “continue to build momentum” in her efforts to change the World Bank and other multilateral lenders in order to increase funding capacity to support developing countries’ transitions to sustainable energy sources, combat pandemics, fragility, and war.
With the balance sheet reforms now in place or being discussed, the Treasury predicts that the lenders will be able to access $200 billion in new borrowing over the next ten years.
The Treasury reported that Ms. Yellen will also mobilise America’s G20 allies to sustain financial support for Ukraine and impose more sanctions on Russia due to Moscow’s ongoing conflict in the country. In response to limits on Ukrainian grain exports, this includes backing the G7-led price cap on Russian oil exports as well as initiatives to increase global food security.
The Treasury also announced that Ms. Yellen will endeavour to strengthen bilateral ties between the United States and India, which she originally referred to as a top “friend-shoring” location and China rival for American supply chains and investments in last November.
The People’s Bank of China’s then-governor Yi Gang was the first of several senior Chinese officials with whom Ms. Yellen had face-to-face discussions in recent months to try to improve tense relations between the United States and China. These conversations culminated in her trip to Beijing in July.