Yellen Speaks Before G-20

In a press briefing ahead of the G20 summit, U.S. Treasury Secretary Janet L. Yellen emphasized the administrations efforts to promote development through multilateral development banks (MDBs).,

"We are committed to supporting emerging markets and developing countries and to addressing global challenges." She detailed the strides made in reforming the World Bank's operational aspects, acknowledging, "One year since my call to action to the MDBs, we have worked with a growing coalition of partners to make significant progress."

Underlining the achievements in strengthening the MDBs, she noted, "We have already made significant progress in expanding the MDBs’ financial capacity," mentioning potential measures that could unlock an additional "$200 billion over the next decade."

Discussing future financial endeavors, Yellen shared, "We are also asking Congress for $2.25 billion to boost the World Bank’s concessional finance for global challenges," and further noted the request for a "$21 billion loan for the IMF."

On the pressing issue of debt relief, Yellen observed, "We continue to support efforts to provide predictable, orderly, and timely debt relief to countries, including under the Common Framework for Debt Treatment, where progress has been too slow."

Highlighting the significance of the U.S.-India relationship, she stated, "Continuing to advance the U.S.-India relationship will be a priority this week," mentioning her repeated visits to India and calling it "the country I’ve visited most frequently as Treasury Secretary."

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