The upcoming G20 Summit in New Delhi is poised to be a pivotal moment for global economic development and cooperation, with the United States spearheading an ambitious agenda to reshape and scale up multilateral development banks. As President Joe Biden prepares to attend the summit, the White House is placing a spotlight on revamping institutions like the International Monetary Fund (IMF) and the World Bank.
White House National Security Council Coordinator for Strategic Communication, John Kirby, addressed foreign reporters at a news conference, emphasizing the United States’ commitment to the G20 summit as a vital platform for global problem-solving. He outlined several key priorities for the summit, with a particular focus on the transformation of multilateral development banks.
“We know that these institutions are some of the most effective tools for mobilizing transparent and high-quality investment in developing countries. And that’s why the United States has championed the major effort that is currently underway to evolve these institutions so that they’re up for the challenges of tomorrow,” Kirby stated.
President Biden recently requested additional funds from the US Congress to increase World Bank financing by over USD 25 billion. The United States is also working with its G20 summit partners to explore similar contributions. This significant financial boost is aimed at bolstering economic development and infrastructure projects in emerging economies.
In addition to financial commitments, the US is calling on G20 members to provide meaningful debt relief to low and middle-income countries. This relief is seen as essential to help these nations recover from the economic hardships exacerbated by the global pandemic.
The summit’s agenda extends beyond economic matters. Climate action, health, and digital technology are other key priorities. The Partnership for Global Infrastructure and Investment (PGII), championed by President Biden, will also be in focus as a mechanism for driving international infrastructure development.
Despite these various topics, the G20’s approach to Russia’s ongoing conflict in Ukraine remains a significant point of discussion. Kirby highlighted the devastating social and economic consequences of the war, particularly for the world’s poorest countries.
President Biden will use the summit to call for a just and durable peace, grounded in international law, the principles of the UN Charter, and respect for territorial integrity and national sovereignty. The United States reaffirms its commitment to supporting Ukraine and its unwavering stance on upholding these principles.
The White House official underscored the critical role of the G20 as a forum for major economies to collaborate on global problem-solving. The United States is so committed to the G20’s mission that it is looking forward to hosting the summit in 2026, marking a clear demonstration of its enduring dedication to this vital platform.
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