US values India leads G20: Janet Yellen

AHMEDABAD: US Treasury Secretary Janet Yellen said Monday that the US and India are among the world’s closest friends. and praised India’s G20 leadership.

Last year, bilateral commerce between the two countries reached an all-time high, and Yellen expects it to expand further. The visiting Treasury Secretary and Finance Minister Nirmala Sitharaman addressed the media before India-US talks at the G20 conference in Gandhinagar.

Sitharaman said PM Narendra Modi’s recent visit to the US and meeting with the US president have boosted bilateral relations. We treasure our India relationship. India and the US are global partners. The US appreciates India’s G20 presidency and will continue to collaborate. Yellen stated. She predicted G20 progress on pandemics and climate change.

I hope our negotiations will yield significant progress. “I appreciate India’s demonstrated leadership on debt challenges as the G20’s current president, particularly your backing the initiatives to strengthen international debt restructuring process,” she said. She lauded India for promoting multilateral development banks (MDBs).

She stated MDBs must adapt their vision, incentive structures, operational methodologies, and financial capacity to properly handle global concerns. “We must use meetings like this to strengthen our coalition of shareholders working together to press for more ambitious and specific reforms,” she said. This procedure may free approximately $200 billion for MDBs over 10 years.