Treasury Secretary Janet Yellen will travel to India next week to attend the Group of 20 finance ministers’ meetings in Bengaluru and address the global economic impact of Russia’s invasion of Ukraine, as her visit coincides with the one-year anniversary of the invasion.
According to the Treasury Department, Yellen will begin the action plan on February 23, when she plans to give a speech on the state of the economy as the US and its allies help Ukraine defend against the invasion.
He will also talk about strengthening public digital infrastructure and reforming multilateral development banks, including the International Monetary Fund and the World Bank, to make their investment requirements more climate-focused.
This will be the first meeting of finance ministers since India officially became the chair of the Group of 20 leading economies in December. The Indian government has included climate issues among the group’s priorities.
A senior Treasury official, who spoke on condition of anonymity to review the secretary’s travel plans, said Yellen also intends to ask member countries to cut emissions and will raise funds for climate finance projects to invest in infrastructure in developing countries. agriculture and renewable energy sources.
The official also said part of the visit will focus on national debt issues, namely Zambia’s US$6 billion debt to China, its largest creditor.
Yellen visited Lusaka, the Zambian capital visibly dominated by Chinese funding, in January in part to discuss the country’s massive debt to China. Zambia became the site of Africa’s first sovereign nation in the era of the coronavirus pandemic to default when it defaulted on US$42.5 million in bonds in November 2020. Negotiations on how to deal with the debt burden are ongoing.
The G-20 group, made up of the world’s largest economies, has a presidency each year with a different member state in charge of the group’s agenda and priorities. At the UN climate conference last November, India, currently the world’s third largest producer of greenhouse gases, proposed a phase-out of all fossil fuels and repeatedly emphasized the need to overhaul global climate finance.
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