Washington: Treasury Secretary Janet Yellen told Finance Minister Nirmala Sitharaman on Tuesday that the United States will continue to work with India to make its G20 presidency successful. She also praised India's leadership on the issue of reforming multilateral development banks (MDBs) and the debt crises.
On Tuesday, Indian Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen (right) met at the US Treasury Department in Washington, DC. AFP) Indian Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen meet on Tuesday at the US Treasury Department in Washington, DC. Yellen also reaffirmed American support for Ajay Banga as the nominee for the presidency of the World Bank during a bilateral meeting in Washington, DC, on the eve of the spring meetings of the International Monetary Fund and the World Bank. She cited Banga's Indian heritage in her support for Banga. The only candidate for the position is Banga, who is expected to take over later this summer.
Powered By VDO.AI PlayUnmute Fullscreen Sitharaman, on the other hand, expressed gratitude for the multifaceted partnership that exists between India and the United States in a series of tweets that were distributed by the ministry of finance. She also called for increased cooperation in the fight against global economic challenges, such as the climate crisis. She also talked about how the Indo-Pacific Economic Framework, the Quadrilateral Security Dialogue (Quad), and the G20 helped build this partnership.
The finance ministry stated that in addition to the requirement for financial support to assist developing economies in achieving their climate goals, the FM "emphasised the importance of coordinated global action to address #DebtVulnerability in low and middle-income countries."
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The World Bank is undergoing a process to re-examine its mission, operational model, and financial mobilization practices, and Yellen requested the assistance of the G20. She also stated that the evolution of MDBs was a top priority of hers. As part of their effort to end extreme poverty and expand shared prosperity, the G20 can use its strong political momentum to ensure that the multilateral development banks accelerate their work on global challenges of the 21st century.
Additionally, the treasury secretary praised Banga for possessing the appropriate leadership and management abilities, background, and financial knowledge to lead the Bank. Naturally, Ajay was born in India and spent much of his life there. If he is chosen, he will benefit from his keen understanding of the economic opportunities in developing nations.
India will co-chair a global sovereign debt roundtable meeting with the Bank and IMF later this week. Yellen also praised India's efforts to transition to renewable energy and stated that the United States is prepared to support India in achieving the goal of 500 gigawatts of non-fossil generation capacity by 2030. India will also co-chair the meeting.
Separately, Sitharaman spoke at two major investor meetings: on Monday, she spoke at a joint US India Business Council-Confederation of Indian Industries (CII) event at the US chamber of commerce about long-term investment opportunities and India's rise, and on Tuesday, she spoke at a US-India Strategic Partnership Forum-FICCI event about investing in the India decade.
In spite of the numerous global crises, Sitharaman noted that India had not only maintained but also expanded its reforms over the past few years. describing the government's push for digitalization, spending on infrastructure, plans to establish centers of excellence in artificial intelligence, and progress on Gandhinagar's GIFT city; the emphasis on logistics and diversification of the supply chain; Sitharaman invited American businesses to India because he believed that the country's combination of capitalism and democracy, as well as its strong government, provided ideal conditions.
In shut entryway collaborations, she likewise heard from industry delegates with interests in India about their encounters, achievement and issues of concern.
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