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Appreciate India’s Leadership On Debt Issues: Janet Yellen

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Appreciate India’s Leadership On Debt Issues: Janet Yellen

GANDHINAGAR (ANI) – US Treasury Secretary Janet Yellen expressed appreciation for India’s leadership during its G20 Presidency and its demonstrated leadership on debt issues. Speaking at a press conference in Gandhinagar after a meeting with Finance Minister Nirmala Sitharaman, Yellen emphasized the importance of the G20’s progress on key challenges such as climate change and pandemics.

Yellen highlighted the need for significant, concrete steps to be taken in upcoming meetings, stating that the United States values India’s G20 leadership and anticipates continued close cooperation. She also commended India’s focus on advancing the evolution of multilateral development banks (MDBs) and its support for improving the multilateral debt restructuring process.

Regarding the MDBs, Yellen emphasized the importance of strengthening the coalition of shareholders working towards reforms. She mentioned that the measures being implemented or under consideration could potentially unlock $200 billion over the next decade. Yellen acknowledged the valuable input provided by the recently released G20 MDB Experts Group report and stressed the need to progress reforms before considering capital increases.

Yellen expressed support for Ajay Banga’s candidacy to lead the World Bank, stating that he is providing the right leadership to deliver critical reforms. She also highlighted the need to enhance the Bank’s concessional lending capacity for global challenges and urged India’s partnership in this effort.

Yellen underscored the wide-ranging economic collaboration between the United States and India, including commercial and technological cooperation, supply chain strengthening, and support for the clean energy transition. She emphasized the value of the bilateral relationship, citing Prime Minister Modi’s recent state visit to Washington, and expressed pride in contributing to the work on that relationship.

The US Treasury Secretary’s remarks highlighted the importance of India’s leadership, particularly during its G20 Presidency, and emphasized the collaboration between the United States and India in addressing global economic challenges and promoting reforms in the multilateral development banking system.

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