US Treasury Secretary Janet Yellen and Indian Finance Minister Nirmala Sitharaman met on Thursday on the sidelines of the G20 finance chiefs meeting to discuss various economic issues, including strengthening multilateral development banks, global debt vulnerabilities, and crypto assets. The finance ministry of India confirmed the meeting and said that the two leaders also discussed the Just Energy Transition Partnership, which aims to help developing economies move away from coal production and consumption.
Crypto Assets
Yellen and Sitharaman discussed the impact of crypto assets on the global economy. Crypto assets are digital or virtual tokens that use cryptography for security and are used as a medium of exchange. As these assets become increasingly popular, it is important for regulators to understand the risks and benefits associated with them.
Read More: India’s Government Steps Up Efforts to Clarify Regulation of Crypto Assets
Strengthening Multilateral Development Banks
Yellen and Sitharaman also discussed the need to strengthen multilateral development banks (MDBs) to support global economic development. MDBs are institutions that provide financial assistance to countries for social and economic development. By strengthening these banks, they can better serve their purpose and help countries achieve their development goals.
Global Debt Vulnerabilities
Another topic discussed was the vulnerability of global debt. This is about the risks and problems that could happen because of the high levels of public and private debt around the world. By addressing these vulnerabilities, governments can ensure greater financial stability and reduce the risk of financial crises.
Lastly, the two leaders talked about the Just Energy Transition Partnership, a joint effort by the United States and its allies to help developing economies transition away from coal production and consumption. This partnership supports sustainable development by reducing greenhouse gas emissions and promoting renewable energy sources.
