US Treasury Secretary Yellen to Collaborate with India in Crafting G20 Summit’s Future Communique

US Treasury Secretary Yellen to Collaborate with India in Crafting G20 Summit's Future Communique

With the G20 summit around the corner and poised to take place in New Delhi, 09th to 10th September 2023, the U.S. has several propositions before the G20 summits. 

This Friday, U.S. Treasury Secretary Janet Yellen announced that the United States is willing to work with India to help craft a communique at the end of the Group of 20 Summit in New Delhi. However, she explained that it would be a challenge. 

Yellen had said to the reporters at the briefing that the US understands that this is a challenging endeavor to craft such language, but negotiators are discussing it and working strenuously to do so and the US stands ready certainly to work with India to try to craft a communique that successfully addresses this concern. 

As per several analysts, there are divisions over Russia’s war efforts in Ukraine. This risks derailing progress on issues such as food security, debt distress and global cooperation on climate change when the world’s most powerful nations meet this weekend. 

In her comments, she further went on to say that she would work to build support to increase lending resources for the International Monetary Fund and the World Bank to help member countries deal with multiple global challenges, including the new IMF quota resources. Through the summit, she endeavors to build G20 support for an “equi- proportional” increase in the IMF quota fund paid in by member countries, which would increase IMF lending resources, but not immediately change its shareholding structure. 

Yellen further went on to say that the G 20 is a very effective forum to make a significant change internationally. International debt is being dealt with by countries that are over indebted partly because of the impact of Russia’s war against Ukraine. She has further requested permission from the U.S. Congress to lend $21 billion to IMF trust funds, including one for the poorest countries which”desperately need more resources.”

The U.S. Treasury secretary ended her comments by saying that the U.S. will work to strengthen international support for Ukraine at the G20 gathering, saying that it was “critical that we continue to provide timely economic assistance” through such measures as the IMF’s $15.5 billion Ukraine loan program and the European Union’s proposed 50 billion euro support package through 2027. She ended the statement by saying “Even without Russia’s active participation and tension of war looming, I still see that the G20 is highly effective”

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