In a significant move, the United States has urged the G20 member nations to play a pivotal role in the transformation and expansion of multilateral development banks such as the International Monetary Fund (IMF) and the World Bank. This clarion call came from John Kirby, the White House National Security Council Coordinator for Strategic Communication, during a press briefing held on Wednesday.
Ahead of President Joe Biden’s imminent arrival in New Delhi for the G20 Summit, Kirby emphasized the United States’ unwavering commitment to the G20 as a pivotal platform for global cooperation and problem-solving among the world’s leading economies.
“Our primary objective heading into the G20 is to spearhead the revitalization and augmentation of multilateral development banks like the IMF and the World Bank,” stated Kirby before foreign journalists gathered for the news conference.
He underscored that these institutions serve as potent tools for channeling transparent and high-quality investments into developing nations, thereby fueling progress. The United States has taken a prominent stance in driving the ongoing transformative efforts aimed at ensuring these institutions are well-prepared to meet the challenges of the future.
Kirby further revealed that President Biden recently sought additional funds from the U.S. Congress, with the potential to amplify World Bank financing by over USD 25 billion. The United States is actively collaborating with its international partners to explore the possibility of similar contributions.
During President Biden’s visit to India, Kirby disclosed that he would also appeal to G20 member nations to extend substantial debt relief to enable low and middle-income countries to regain their economic stability after enduring prolonged strains.
He highlighted other key priorities encompassing climate action, healthcare, and digital technology, including the progress made in the Partnership for Global Infrastructure and Investment (PGII), an initiative championed by President Biden.
Inevitably, the G20’s deliberations will also dwell on addressing Russia’s ongoing and unlawful conflict in Ukraine, which has inflicted profound social and economic repercussions, with the most vulnerable nations bearing the brunt.
President Biden will vociferously advocate for a just and lasting peace, rooted in respect for international law, the principles enshrined in the UN Charter, and the sanctity of territorial integrity and national sovereignty.
Furthermore, Kirby affirmed the enduring commitment of the United States to the G20 as a pivotal arena where the world’s major economies unite to collectively tackle global challenges. To underscore this commitment, he revealed the United States’ anticipation of hosting the G20 summit in 2026.
The G20, comprising nations that collectively represent 85 percent of global GDP, over 75 percent of global trade, and approximately two-thirds of the world’s population, remains an influential forum for international collaboration.
As President Biden’s arrival in New Delhi draws near, the world awaits the outcomes of this critical gathering of leaders, who are poised to chart the course for global economic, political, and social endeavors.