By: Pramod Thomas
INDIAN finance minister Nirmala Sitharaman and US treasury secretary Janet Yellen discussed strengthening multilateral development banks, global debt vulnerabilities and crypto assets on the sidelines of the G20 finance chiefs meeting on Thursday (23), the finance ministry said.
Yellen is expected to brief reporters later in the day and take part in a meeting of Group of Seven (G7) nations on the sidelines of the G20 meet.
India is hosting the first major G20 event under its year-long presidency at the summer retreat of Nandi Hills near tech hub Bengaluru.
“The two leaders discussed their perspectives on strengthening MDB (multilateral development banks), global debt vulnerabilities, crypto assets besides the Just Energy Transition Partnership,” New Delhi’s finance ministry said in a tweet.
Under the partnership, the US and its allies, as well as multilateral development banks and agencies, provide funding to developing economies to move away from coal production and consumption.
The second finance and central bank deputies Meeting began on Wednesday (22) in Bengaluru.
Road to policy for crypto assets, a symposium of digital public infrastructure, and enhancement of cross-border payment arrangements are among the agenda to be discussed on Thursday.
The deputies’ meet will be followed by the first G20 finance ministers and central bank governors meeting, scheduled to be held between February 24 and 25. The meeting will be jointly chaired by Sitharaman and RBI governor Shaktikanta Das.
The meeting will be spread over three sessions, covering issues such as strengthening multilateral development banks to address shared global challenges of the 21st century, financing for resilient, inclusive, and sustainable ‘cities of tomorrow’, leveraging digital public infrastructure (DPI) for advancing financial inclusion and productivity gains, an official release said earlier.
The sessions will also cover issues related to the global economy, global health, and international taxation, and discussions in the ministers and governors meeting are intended to provide a clear mandate for the various work streams of the G20 finance track in 2023.