US Treasury Secretary Yellen, who has the Ukraine conflict on her mind, will attend the G20 summit in India

An official announcement on Thursday stated that US Treasury Secretary Janet Yellen would travel to New Delhi to take part in the G20 Leaders’ Summit from September 7 to September 10. While there, she would continue to mobilize American allies to maintain their combined economic support for Ukraine and interact with her Indian counterparts on bilateral issues.

She has been to India four times this year. According to the Department of Treasury, Yellen’s visit to India would be devoted to furthering the multilateral development bank (MDB) evolution, debt restructuring, and the IMF’s Poverty Reduction and Growth Trust (PRGT) in order to help low- and middle-income nations and build the global economy.

In order for the multilateral development banks to have the right vision, incentives, operational models, and financing capacity to address crucial global priorities like combating climate change, addressing pandemics and global health security, and tackling fragility and conflict, Yellen will continue to build momentum for the group effort that she helped launch last October.

The Treasury believes that the MDBs as a system could free up USD 200 billion over the next ten years just from the measures already in place or being discussed as part of this process. However, there is potential for even more if MDBs implement some of the more difficult and long-term recommendations in the G20 Capital Adequacy Framework report, such as those on callable capital.

“Yellen will continue to mobilize America’s allies while she is in New Delhi to uphold our coalition’s overall financial assistance for Ukraine. She will also stress the significance of punishing Russia severely and reducing global spillovers, according to the Treasury.

“Yellen and our partners will work to address the effects of Russia’s unprovoked war on global growth and poverty reduction, including through the price cap, which has been successful in reducing Russian revenue while maintaining stable global energy prices, as well as efforts to strengthen global food security through MDBs, utilizing multilateral tools like the Global Agriculture and Food Security Program (GAFSP), and working towards a successful outcome to the conflict in Ukraine,” said Yellen.

“Yellen will keep strengthening our bilateral ties with India. As she did in remarks last November in New Delhi, Secretary Yellen will engage with Indian counterparts and the Indian people to discuss shared priorities like expanding our bilateral economic ties and working together to address global challenges, the statement said.