According to a top White House official, the US wants the G20 nations to assist in restructuring and expanding international development banks like the International Monetary Fund and the World Bank.
John Kirby, the coordinator for strategic communication at the White House National Security Council, stated on Wednesday that the US will make it clear during President Joe Biden’s visit to India that it still views the G20 as an essential venue for discussion of global issues among all the major economies.
For the G20 Summit, President Biden will travel to New Delhi on Friday.
To assist reform and grow up international development banks like the IMF, like the World Bank, is one of our primary objectives going into the G20, Kirby told foreign media at a news conference here on Wednesday.
“We are aware that these organisations are among the best resources for attracting transparent, high-caliber investment in developing nations. And for that reason, the United States has led the significant initiative that is currently under way to modernise these institutions in order to prepare them for the problems of the future, he said.
According to Kirby, Biden requested more funding from the US Congress last month that would enhance World Bank financing by more than USD 25 billion. The US is coordinating with its allies to see if they can make similar commitments.
Biden will also be urging G20 members to provide real debt relief during his visit to India, according to Kirby, so that low- and middle-income countries may regain their footing after years of strain on their economies and populations.
“We’ll also be making progress on other important issues, like as the environment, health, and, as I mentioned before, digital technology. We’ll also highlight the advancements we’ve made in the Partnership for Global Infrastructure and Investment, or PGII as the President puts it, he added.
Kirby stated that the G20’s response to Russia’s unlawful and ongoing war in Ukraine will continue to be a point of emphasis.
The poorest nations on the earth are currently suffering the most as a result of the disastrous social and economic effects of Russia’s conflict, he said.
Biden said he will advocate for a just and lasting peace at the summit that is based on respect for international law, the tenets of the UN Charter, and the notions of territorial integrity and national sovereignty. The United States will continue to help Ukraine for however long it takes to uphold these principles, he added.
The United States will make it clear that we remain committed to the G20 as a crucial venue for all the major economies of the world to join together for global problem-solving, which is the last but not least — and this is unquestionably vital.
“The G20 itself will be on the agenda as it is a valuable and important location, as I indicated. And as a demonstration of that commitment, the United States is excited to host the G20 itself in 2026,” the White House representative added.
The G20 member nations account for over two-thirds of global population, over 75% of global trade, and about 85% of the world’s GDP.