‘US eager to support India’s G20 Presidency’: Janet Yellen

The United States looks forward to India’s G20 presidency which will be “indispensable” for global economic recovery, said Janet Yellen, the US Treasury Secretary.

The 2022 G20 summit will be held under Indonesia’s presidency in Bali from November 15-16. India will take the chair after the summit and lead the group in 2023.

“In three weeks, India will take the helm of the G20 at an uncertain time for the global economy. We look forward to supporting India’s G20 Presidency. A successful Indian Presidency is critical to our global economic recovery and sustained progress. about our deepest issues,” Yellen said Friday during an event at Microsoft’s offices in New Delhi.

She added that US-India ties are “stronger than ever”.

Ahead of the 2022 G20 summit, Yellen highlighted four global goals to focus on. The goals were to address over-indebtedness, promote climate action, evolve multilateral development banks, and embrace and shape the changing economy.

“Today, nearly 60% of low-income countries are at high risk of debt distress or in debt distress. This debt distress poses a risk to stability and growth at a time of mounting financial pressures. timely and orderly debt relief, we fear that many developing countries will face severe economic fallout,” she said.

She suggested that the Indian presidency could speed up global coordination for debt restructuring.

Yellen added that climate change cannot be tackled by any country alone and requires coordinated action by all countries.

Stressing that global institutions must “more effectively” address global challenges, she said: “The world faces a growing range of increasingly complex and interrelated challenges that do not respect national borders. This includes climate change. , pandemics, fragility and conflict. Yet our current multilateral development finance architecture is currently unable to respond to these global challenges with the speed and scale needed.”

Yellen also applauded India’s digital economy. She said India’s rapid digital adoption has enabled it to achieve “breathtaking success” in financial inclusion efforts. However, globally, more efforts are needed to establish a digital cross-border payments system.

“…economic integration in the 21st century requires a modern international payment system. Cross-border payments should be cheaper than they are today. They should also be faster, more transparent and easier to access,” Yellen said.

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