Treasury Secretary Janet Yellen will travel to India next week to attend Group of 20 finance minister meetings in Bengaluru and will address the global economic impacts of Russia's invasion of Ukraine as her visit coincides with the one-year anniversary of the invasion.
Yellen's schedule of events will begin on February 23, where she plans to give a speech about the state of the economy as the US and its allies assist Ukraine in defending itself against the invasion, according to the Treasury Department.
She will also talk about bolstering public digital infrastructure and reforming the multilateral development banks, including the International Monetary Fund and World Bank, to make their investment requirements more climate-focused.
This will be the first finance ministers' meeting since India officially became chair of the Group of 20 leading economies in December.
The Indian government has put climate issues at the top of the group's priorities.
A senior Treasury official who spoke on the condition of anonymity to preview the secretary's travel plans said Yellen also intends to ask member countries to reduce emissions and will raise funds for climate finance projects to invest in developing countries' infrastructure, agriculture and renewable sources of energy.
The official also said part of the visit will focus on sovereign debt issues namely Zambia's USD 6 billion debt to China, its biggest creditor.
Yellen visited Lusaka, Zambia's capital city that's visibly dominated by Chinese financing, in January, in part to discuss the country's massive debt to China. Zambia became the site of Africa's first coronavirus pandemic-era sovereign nation to default when it failed to make a USD 42.5 million bond payment in November 2020. Negotiations over how to deal with the debt load have been ongoing.
The G-20, made up of the world's largest economies, has a rolling presidency with a different member state in charge of the group's agenda and priorities each year.
At the UN climate conference last November, India currently the world's third largest emitter of greenhouse gases proposed a phaseout of all fossil fuels and repeatedly emphasized the need to revamp global climate finance.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app