 "'Advancing India-US relationship a priority this week': US Treasury Secretary Janet Yellen ahead of G20 Summit")
Talking ahead of the G20 Summit, Treasury Secretary Janet Yellen 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.
Yellen said that she will work at the G20 summit 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. 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 G20 capital adequacy review, including the use of callable capital that is pledged, but not paid-in, to back lending.
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). With inputs from agencies