Yellen will work with India at the G20 Summit to aid successful communication crafting. The United States was eager to collaborate with India to help draft a statement after the weekend’s Group of 20 Summit in New Delhi. Still, Janet Yellen, the secretary of the United States Treasury, acknowledged that it would be difficult.

Yellen told reporters at a press conference, “I appreciate that it is difficult to construct such wording, but I know the negotiators are debating it and working hard to do so, and we stand ready definitely to engage with India to attempt to develop a communiqué that satisfactorily addresses this issue.

When the world’s most powerful countries gather this weekend in New Delhi, analysts warn deeper and more entrenched tensions over Russia’s conflict in Ukraine run the danger of derailing progress on problems like food security, financial crisis, and international collaboration on climate change.

In her prepared remarks, Janet Yellen said that she would endeavor to raise support for additional IMF quota resources and increased loan resources for the World Bank and International Monetary Fund to assist member nations in addressing various global concerns.
She will work to get agreement from the G20 for an “equi-proportional” rise in the quota payments by member nations, which would enhance the IMF’s lending resources but not immediately alter its ownership structure.

At the briefing, Yellen said the initiatives to reduce foreign debt had greatly progressed.

We’re moving in the right direction regarding reducing international debt and helping overextend nations, partly because of the effects of Russia’s conflict with Ukraine and the high-interest rate environment. I do, therefore, consider the G20 to be a highly productive platform, she said.

Yellen said that the US has sought Congress’s approval to lend $21 billion to IMF trust funds, including one for the poorest nations, which “desperately needs more resources.”

The World Bank and other multilateral development institutions have worked hard over the last year to significantly increase lending resources and support efforts to address global crises such as pandemics, climate change, and other issues. She emphasized the success made in these efforts.

Over the following ten years, an extra $200 billion may be made available via short-term balance sheet modifications that are being considered, according to her.

The deployment of callable capital, committed but not paid-in, to support lending is one of the medium-term measures suggested by a G20 capital adequacy assessment that might generate more funding.

Yellen stressed that these extra resources were needed to battle climate change, advance global health security, and reduce poverty.

At the G20 meeting, the U.S. Treasury Secretary also pledged to work to increase international support for Ukraine, saying it was “critical that we continue to provide timely economic assistance” through initiatives like the IMF’s $15.5 billion Ukraine loan program and the European Union’s proposed 50 billion-euro support package through 2027.

Yellen said, “I still think that G20 is quite successful, even without Russia’s full involvement and the conflict’s tensions.