US Treasury Secretary Janet Yellen said on Friday that she will work at the G20 summit in India to build support for increasing lending resources for the International Monetary Fund (IMF) and the World Bank to help member countries deal with multiple global challenges, including new IMF quota resources.

Yellen, who is attending the G20 summit in New Delhi on September 9-10, said that the world is facing unprecedented challenges, such as the COVID-19 pandemic, climate change, inequality, and cyber threats. She said that these challenges require more multilateral cooperation and coordination, and that the IMF and the World Bank are key institutions for providing financial assistance and policy advice to countries in need.

Yellen said that she will urge her G20 counterparts to support a new allocation of Special Drawing Rights (SDRs), which are the IMF’s reserve assets, to boost global liquidity and help low-income countries cope with the economic fallout of the pandemic. She said that she will also advocate for a reallocation of unused SDRs from rich countries to poor countries through a new trust fund at the IMF.

Yellen also said that she will push for a new round of IMF quota reviews, which determine the voting power and financial contributions of each member country. She said that the current quota system is outdated and does not reflect the changing dynamics of the global economy. She said that a more representative and fair quota system would enhance the legitimacy and effectiveness of the IMF.

Yellen said that her main objective at the G20 summit is to foster a more resilient and inclusive global recovery from the pandemic. She said that she will work with other G20 leaders to advance common priorities, such as accelerating vaccine distribution, strengthening health systems, supporting green and digital transitions, enhancing debt sustainability, and reforming the international tax system.

Yellen said that she is optimistic about the prospects of global cooperation and solidarity at the G20 summit. She said that she hopes that the summit will result in a strong G20 Leaders’ Declaration, which will reflect the theme of ‘Vasudhaiva Kutumbakam — One Earth, One Family, One Future’..