New Delhi: US Treasury Secretary Janet Yellen, who arrived in New Delhi to attend the G-20 Summit, on Friday spoke about her country's priority to work at the big event in India to build support to increase lending resources for the International Monetary Fund and the World Bank to help member countries deal with multiple global challenges, including new IMF quota resources.
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Yellen also said that the advancement of the US-India relationship will be a priority this week. "We highly value our bilateral relationship with India. We also welcomed PM Modi to the US in June. The United States is the home to the largest Indian diaspora outside Asia and is India’s largest export market,” she said during a press conference in New Delhi ahead of the summit.
Near-term balance sheet changes under consideration could unlock an additional $200 billion over the next decade, she said. More resources could come from medium-term steps recommended by a G-20 capital adequacy review, including the use of callable capital that is the G20 member countries represent around 85 per cent of the global GDP, over 75 per cent of the global trade, and about two-thirds of the world population.
The grouping comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union (EU) pledged, but not paid-in, to back lending.
The G-20 member countries represent around 85 per cent of the global GDP, over 75 per cent of the global trade, and about two-thirds of the world population. The grouping comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union (EU).
