Sitharaman meets U.S. Treasury Secretary Yellen ahead of key G20 meeting in Bengaluru

Union Finance Minister Nirmala Sitharaman on Thursday met U.S. 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 here.

The two leaders exchanged views on G20 Finance Track priorities under G20 India Presidency in 2023.

“The two leaders discussed their perspectives on strengthening #MDB (Multilateral Development Banks), #GlobalDebt vulnerabilities, #CryptoAssets, and #health, besides the Just Energy Transition Partnership #JETP 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, Ms. 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.

“FM said that under the leadership of PM Shri @narendramodi, India hosted the Voice of the #GlobalSouthSummit & India would put forth perspectives of the #GlobalSouth. Mr. Giorgetti indicated that Italy would continue to be a bridge between Global North and the Global South,” it said in a tweet.

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.

That includes through communication and coordination on macroeconomic policy among the world’s largest economies, building on the steps the US and other countries have taken to address the global food insecurity that has been exacerbated by Putin’s war, as well as by mitigating the impact of Russia’s unprovoked invasion in driving higher global energy prices, including through the price cap on Russian oil and refined product exports, it said.   

Ms. Yellen will also discuss resilience of the U.S. 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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