Remarks by Secretary of the Treasury Janet L. Yellen at Press Briefing Ahead of G20 on September 8, 2023

September 08, 2023

Remarks by Secretary of the Treasury Janet L. Yellen at Press Briefing Ahead of G20 on September 8, 2023

Secretary of the Treasury Janet L. Yellen at Press Briefing Ahead of G20 on September 8, 2023. | White House Snapshot Photo by Karen Ann Carr, Producer, Editor, Reporter, Director, Designer, Video Engineer, Correspondent, Publisher, Architect & Planner. / TheWhiteHouseSpin.com | SPIN PUBLISHING

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Friday, September 8, 2023

THE WHITE HOUSE

The White House Garden Event of Former First Lady Michelle Obama in Washington, DC, USA. | White House Photo by Karen Ann Carr, Producer, Editor, Reporter, Director, Designer, Video Engineer, Correspondent, Publisher, Architect & Planner. / TheWhiteHouseSpin.com | SPIN PUBLISHING

Secretary of the Treasury Janet Yellen Convenes Press Briefing

Secretary of the Treasury Janet L. Yellen Convenes Press Briefing Ahead of G20

Reported by Karen Ann Carr

NEW DELHI, INDIA - Secretary of the Treasury Janet Yellen convenes briefing on supporting emerging markets and addressing global challenges such as multi-lateral development banks financing capacity. This Press Briefing is convened ahead of he G20 in New Delhi, India on September 2023.

Remarks by Secretary of the Treasury Janet L. Yellen at Press Briefing Ahead of G20, 2023

As Prepared for Delivery

"Hello everyone. Thank you for being here. I’d like to share a few introductory thoughts about the priorities we will be focused on throughout this week.

First, we are committed to supporting emerging markets and developing countries and to addressing global challenges. This includes our ongoing work on evolving the multilateral development banks.

One year since my call to action to the multilateral development banks, we have worked with a growing coalition of partners to make significant progress on reforms related to the World Bank’s mission and vision, incentives, operational model, and financing capacity. We are glad to have Ajay Banga as our partner in this work. And we look forward to more work with the regional development banks and on how to achieve greater collaboration across the MDB system, including to increase access to climate finance.

We have already made significant progress in expanding the MDBs’ financial capacity. The recommendations that are currently being implemented or under consideration across the MDBs could unlock an additional $200 billion over the next decade. Those are crucial additional resources for reducing poverty, advancing global health security, and combatting climate change. I saw firsthand the impact this funding can have during my last trip to India just over a month ago, when Ajay Banga and I visited an education data hub supported by the World Bank and met the students whose lives were being improved.

There is scope to do even more on financial capacity, including through some of the more medium-term recommendations of the G20 Capital Adequacy Framework review, particularly with respect to callable capital. We are also asking Congress for $2.25 billion to boost the World Bank’s concessional finance for global challenges and for crisis response. And we have requested authorization for a loan of up to $21 billion for the IMF, including for the Poverty Reduction and Growth Trust (PRGT), which desperately needs more resources. We also hope to build support for an equi-proportional increase in quotas during meetings this week.

This week also provides an opportunity to discuss debt relief. 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.

As a second priority area, we remain committed to extensive and strategic multilateral action in response to Russia’s war on Ukraine. The price cap and sanctions – both the result of unprecedented global collaboration – are having powerful impacts on Russia’s ability to wage its brutal and unjust war. We also remain committed to support for Ukraine and recently put forward a supplemental funding request. There has been bipartisan support for this funding to date and it’s critical that we continue to provide timely economic assistance. During my visit to Kyiv earlier this year, I saw firsthand the importance of this assistance in enabling Ukraine’s resistance on the frontlines. We are also grateful for the involvement of our partners, including the 50 billion euro package proposed by the European Union and the $15 billion International Monetary Fund program, which has been essential to Ukraine’s efforts to implement reforms and stabilize the economy.

And we need to remain focused on addressing the devastating consequences of the war, including its impact on food security. Russia’s withdrawal from the Black Sea Grain Initiative is deeply concerning and is particularly being felt by low- and middle-income countries. In response, we hope to move forward on efforts such as supporting the Global Agriculture and Food Security Program and working toward a successful replenishment of the International Fund for Agricultural Development.

Last but not least, continuing to advance the U.S.-India relationship will be a priority this week. We highly value our bilateral relationship with India. This is my fourth time in India over the last year, making it the country I’ve visited most frequently as Treasury Secretary. We also welcomed Prime Minister Modi to the U.S. in June. The U.S. is home to the largest Indian diaspora outside of Asia and is India’s largest export market. Expanding our bilateral economic ties and our cooperation on global challenges is crucially important to us.

With that, I look forward to your questions."

PRESIDENT JOSEPH ROBINETTE BIDEN, JR. ~ FRIDAY, SEPTEMBER 8, 2023 – MONDAY, SEPTEMBER 11, 2023

In the morning, President Joseph Robinette Biden, Jr. arrives in Ramstein, Germany, at 6:10 AM CEST, for a brief refueling stop. President Biden arrives at Ramstein Air Base, Ramstein, Germany as planned.

After at 7:40 AM CEST, President Biden departs Ramstein, Germany en route to New Delhi, India. President Biden departs from to Ramstein Air Base, Ramstein, Germany on Friday, September 8, 2023.

In the evening at 6:55 PM IST, President Biden arrives in New Delhi, India at Indira Gandhi International Airport.

Later at 7:35 PM IST, President Biden participates in a bilateral meeting with Prime Minister Narendra Modi of the Republic of India. This meeting is convened at the Prime Minister’s Residence in New Delhi, India on Friday, September 8, 2023.

VICE PRESIDENT KAMALA DEVI HARRIS ~ FRIDAY, SEPTEMBER 8, 2023

Vice President Harris’s Trilateral Meeting with President Marcos of the Philippines and Prime Minister Kishida of Japan

"Vice President Kamala Harris met with President Ferdinand Marcos Jr. of the Philippines and Prime Minister Fumio Kishida of Japan yesterday in Jakarta, Indonesia. They discussed the maritime security environment in the South China Sea and East China Sea and reviewed ways in which their three countries could enhance trilateral maritime cooperation, including humanitarian assistance and disaster relief efforts. The Vice President underscored the importance of the adherence to international law, and U.S. opposition to unilateral changes to the status quo in the South China Sea and East China Sea. The Vice President, President Marcos, and Prime Minister Kishida also reaffirmed the strength of trilateral economic cooperation and discussed opportunities to bolster economic resilience, promote broad-based and sustainable economic growth, and invest in strong and diversified supply chains."

PRESIDENT JOSEPH ROBINETTE BIDEN, JR. ~ SATURDAY, SEPTEMBER 9, 2023

President Joseph R. Biden, Jr. participates in an official arrival and handshake with Prime Minister Narendra Modi of the Republic of India on Saturday, September 9, 2023.

President Biden participates in the G20 Leaders’ Summit Session 1: “One Earth” on Saturday, September 9, 2023.

President Biden participates in a group photo with world leaders and the President of the World Bank on Saturday, September 9, 2023.

President Biden participates in the G20 Leaders’ Summit Session 2: “One Family” on Saturday, September 9, 2023.

President Biden participates in a group photo with world leaders to launch the Global Biofuels Alliance on Saturday, September 9, 2023.

President Biden participates in a Partnership for Global Infrastructure and Investment event on Saturday, September 9, 2023.

President Biden participates in a dinner and cultural program with G20 Leaders on Saturday, September 9, 2023.

PRESIDENT JOSEPH ROBINETTE BIDEN, JR. ~ SUNDAY, SEPTEMBER 10, 2023

President Biden visits Raj Ghat Memorial with G20 Leaders on Sunday, September 10, 2023.

President Biden travels from New Delhi, India to Hanoi, Vietnam on Sunday, September 10, 2023.

TPresident Biden participates in a welcome ceremony hosted by General Secretary Nguyễn Phú Trọng of the Communist Party of Vietnam on Sunday, September 10, 2023.

President Biden participates in a meeting with General Secretary Nguyễn Phú Trọng of the Communist Party of Vietnam on Sunday, September 10, 2023.

President Biden and General Secretary Nguyễn Phú Trọng of the Communist Party of Vietnam present remarks on Sunday, September 10, 2023.

President Biden holds a press conference on Sunday, September 10, 2023.

PRESIDENT JOSEPH ROBINETTE BIDEN, JR. ~ MONDAY, SEPTEMBER 11, 2023

President Joseph R. Biden, Jr. meets with Prime Minister Phạm Minh Chính of Vietnam on Monday, September 11, 2023.

President Biden and Prime Minister Phạm Minh Chính of Vietnam will drop by a meeting of CEOs on Monday, September 11, 2023.

President Biden meets with President Võ Văn Thưởng of Vietnam on Monday, September 11, 2023.

President Biden participates in a State Luncheon with President Võ Văn Thưởng of Vietnam on Monday, September 11, 2023.

President Biden visits the John Sidney McCain III Memorial in Hanoi, Vietnam on Monday, September 11, 2023.

President Biden travels from Hanoi, Vietnam en route to Anchorage, Alaska on Monday, September 11, 2023.

President Biden presents remarks to service members, first responders, and their families on the anniversary of 9/11 on Monday, September 11, 2023.

President Biden travels from Anchorage, Alaska en route to Washington, DC on Monday, September 11, 2023.

President Biden arrives in Washington, DC on Monday, September 11, 2023.

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