Secretary of the Treasury Janet L. Yellen recently concluded her third visit to India within a year's time, as she attended the third meeting of the G20 Finance Ministers and Central Bank Governors. The gathering had a theme of "One Earth, One Family, One Future", which prioritized the well-being of people and the planet, as well as emphasizing the international economic cooperation and sustainable growth, according to remarks she made in a press release.
"Our collaboration spans a range of economic issues, including commercial and technological collaboration, strengthening supply chains, and catalyzing the clean energy transition," Yellen stated. The Secretary highlighted the bilateral economic relationship between the United States and India, emphasizing the importance of commercial and technological collaboration, supply chain resilience, and the promotion of clean energy."
The G20 highlighted the focus on Multilateral Development Banks (MDBs) to address 21st century global challenges. According to a press release by G20 on July 18, the efforts of the G20 Independent Expert Group on Strengthening MDBs, which were established by the Indian Presidency, were acknowledged. The group's first report has been published and the second expected in October. The report's recommendations indicated the potential for discussions among MDBs to enhance effectiveness. Also, G20 members endorsed a roadmap to implement the recommendations of the G20 Independent Review of MDB's Capital Adequacy Frameworks, which has a focus on unlocking additional lending resources.
Yellen met Minister of Finance Nirmala Sitharaman to discuss the role of multilateral development banks, and the G20 Ministers and Governors stated their commitment to taking it on.
"It was great to meet with India's Minister of Finance, Nirmala Sitharaman, to discuss our deep bilateral relationship and the need for concrete progress on global challenges at the G20 meetings," said Yellen on Twitter.
Yellen praised India's leadership as the G20 president, saying she recognized their support for improving the multilateral debt restructuring process. She was was also grateful for India's efforts and stressed the need for global collaboration with debt issues.