Sitharaman meets US Treasury Secretary ahead of key G20 meeting

Bengaluru: Union Finance Minister Nirmala Sitharaman on Thursday met US Treasury Secretary Janet L Yellen ahead of the First G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the G20 Indian Presidency scheduled on February 24 and 25. The two leaders exchanged views on G20 Finance Track priorities under G20 India Presidency in 2023.

Sitharaman & Yellen discussed strengthening MDB

"The two leaders discussed their perspectives on strengthening MDB (Multilateral Development Banks), Global Debt vulnerabilities, Crypto Assets, and health, besides the Just Energy Transition Partnership and possible takeaways for the two sides," the Ministry of Finance said in a tweet. It said both sides agreed that lessons learnt from the COVID-19 pandemic should not be lost sight of and there is a need for enhancing preparedness for future pandemic type shocks.

Earlier, Sitharaman met Italian Minister of Economy and Finance Giancarlo Giorgetti ahead of the meet. According to the Ministry of Finance, the Italian Finance Minister extended his full support for a successful G20 India Presidency in 2023.

India hosted the Voice of the Global South Summit

FM said in a tweet, "Under the leadership of PM Modi, India hosted the Voice of the Global South Summit and India would put forth perspectives of the Global South. Mr Giorgetti indicated that Italy would continue to be a bridge between Global North and the Global South."

While at the G20 in India, Yellen will join with allies in holding Russia accountable for its illegal invasion of Ukraine, and partner with countries to mitigate the spillover effects of the war, the US Department of the Treasury said in a statement earlier this week.

Yellen will also discuss resilience of the US and global economy in the face of headwinds including Russia's illegal invasion of Ukraine and highlight key priorities for the Treasury during the G20. That includes work to galvanise greater support and ambition in meeting global emissions reductions, building urgency and a broad coalition behind the need to evolve multilateral development banks, and underscoring the importance of delivering on the Common Framework to provide debt relief, the statement added.

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