Sitharaman, Yellen vow to address debt risks of EMEs

“I will continue to push for all bilateral official creditors, including China, to participate in meaningful debt treatments for developing countries and emerging markets (EMEs) in distress,” Yellen said.

The US Treasury Secretary also thanked India for taking a leadership role on promoting sovereign debt restructuring, while encouraging faster G20 efforts on existing debt restructuring cases.

Besides Yellen, Sitharaman also held bilateral meetings with her counterparts including from Japan, UK, Spain and Indonesia.

In a separate tweet on Sitharaman’s meeting with her Japanese counterpart, the Indian finance ministry said the ministers exchanged views on priorities under G20 Finance Track 2023.

Canadian Deputy Prime Minister and Minister of Finance Chrystia Freeland in her meeting with Sitharaman said that the pension funds in Canada were aware of the safety and opportunity of investing in India, and will approach its National Investment and Infrastructure Fund for the same. FE