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washington [US]April 12 (ANI): Treasury Secretary Nirmala Sitharaman met with US Treasury Secretary Janet Yellen on the sidelines of the World Bank and International Monetary Fund’s 2023 Spring Meetings in Washington on Tuesday.
The two leaders discussed strengthening the India-US economic and financial partnership and increasing participation in bilateral and multilateral fora.
“Union Treasurer Smt. @nsiharaman met with US Treasurer Ms @SecYellen today during the @WorldBank and IMF #SpringMeetings 2023 in Washington DC,” the Treasury tweeted.
Following their last meeting during the Economic and Financial Dialogue (EFD) in India on November 22, the two leaders discussed discussions on strengthening the India-US economic and financial partnership and increasing participation in bilateral and multilateral forums.
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Taranjit Singh Sandhu, India’s ambassador to the U.S., tweeted: “Finance Minister Nirmala Sitharaman and U.S. Treasury Secretary Janet Yellen (Janet Yellen) had extensive dialogue on deepening bilateral economic partnerships and engaging in multilateral forums.”
Sitharaman, who led the high-level delegation, appreciated the multifaceted India-US partnership and called for further cooperation to tackle global economic challenges, including climate change. She also highlighted the role of the G20, Quad and IPEF in promoting this partnership.
“FM Smt. @nsiharaman applauds India-US multifaceted partnership and calls for further cooperation in addressing global economic challenges, including #ClimateChange. FM highlights the role of #G20, QUAD and IPEF in fostering this partnership,” The ministry tweeted Finance.
Sitharaman also stressed the importance of coordinated global action to address debt vulnerabilities in low- and middle-income countries, in addition to the need for fiscal support to help developing economies meet their climate goals.
Yellen praised India’s focus on advancing multilateral development banks during its presidency of the G20. She said that the United States looks forward to continuing to work closely with India to help India succeed in its G20 presidency.
“I would like to commend your presidency for focusing on advancing the development of multilateral development banks. As you know, this initiative is a priority of mine and will be the main focus of our conversations this week,” she said.
Yellen said the G-20 could bring strong political momentum to ensure that multilateral development banks accelerate their work to address the global challenges of the 21st century as part of efforts to end extreme poverty and expand shared prosperity.
She also said it was crucial that the World Bank had the right leadership to drive the progress they had made.
The Treasury Secretary also met with former US Secretary of Commerce Penny Pritzker and discussed digital commons infrastructure, which, in addition to supporting fintech development, provides accessibility for all, including start-ups.
“FM Smt. @nsiharaman told Ms @PennyPritzker that the expansion of #DigitalInfrastructure and the adoption of technology by ordinary people has been phenomenal over the past few years,” the Treasury tweeted.
Sitharaman also highlighted that in the manufacturing sector, India has the right skills, including manpower and language skills, and a huge domestic market, which provides the private sector with a significant advantage of scale.
“Regarding Union Budget 2023-24, FM Smt. @nsiharaman informed Ms @PennyPritzker that India has announced 3 Centers of Excellence in the field of #ArtificialIntelligence as this is the focus of the government,” added the tweet. (Arnie)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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