August 23, 2023
3 mins read

Biden to Visit India for G-20 Summit, Focus on Multilateral Development Banks

This time, he will be hosted by Prime Minister Narendra Modi, who was in Washington in July as the state guest of the American President; a White House state dinner was the highlight of the visit…reports Yashwant Raj

US President Joe Biden will visit India from September 7-10 for the annual meeting of the G-20, which India is hosting as the chair, and he will use the opportunity to put forward a “value proposition” on the modernisation of the multilateral development banks such as the World Bank in a bid to reassure the global south.

“We have heard loud and clear that countries want us to step up our support in the face of the overlapping challenges they face,” US National Security Advisor Jake Sullivan said on a news conference call, announcing President Biden’s visit.

He added: “So as we continue to extend critical support to Ukraine, we’re going to be delivering for the rest of the world as well.”

Biden’s upcoming visit will be his first to India as US President; he was there last a decade ago in 2013 as the Vice President, when he had met then Prime Minister Manmohan Singh.

This time, he will be hosted by Prime Minister Narendra Modi, who was in Washington in July as the state guest of the American President; a White House state dinner was the highlight of the visit.

Sullivan said Biden will also engage in bilateral meetings while in India, which would be announced closer to the visit. The big question is if he will meet Saudi Crown Prince Mohammad bin Salman? Will he have so-called chance encounters with other world leaders that have not been on really good terms with the American President, such as Russia’s Vladimir Putin and China’s Xi Jinping, if the two leaders attend the summit in person.

“Along with our G-20 partners, he’ll discuss a range of joint efforts to tackle global issues from the clean energy transition and combating climate change to mitigating the economic and social impacts of Russia’s war in Ukraine to increasing the capacity of the multilateral development banks including the World Bank to better fight poverty and take on the significant transnational challenges that are afflicting countries across the world,” Sullivan said of Biden’s upcoming visit.

The National Security Advisor said that President Biden “really wants” to use the G-20 visit “as an opportunity for the United States and like-minded partners to bring forward a value proposition, particularly countries of the global south. And really focus a lot of his energy while he is there on the modernisation of the multilateral development banks including the World Bank and the IMF (International Monetary Fund)”.

He went on to say, “We have heard loud and clear that countries want us to step up our support in the face of the overlapping challenges they face. So as we continue to extend critical support to Ukraine, we’re going to be delivering for the rest of the world as well.”

The United States views these multilateral banks as a way to offer an alternative to China’s “coercive and unsustainable lending through the Belt and Road Initiative”.

“We need to ensure that there are high standard, high leverage solutions to the challenges countries are facing and a way to get the most bang for our buck is through the World Bank and the IMF, which are highly effective and transparent international financial institutions that were founded on and continue to embody US leadership,” Sullivan said.

“So President Biden has been committed to fundamentally reshaping and scaling up the World Bank to more effectively deliver both poverty reduction and inclusive economic growth, while also addressing global challenges, from climate to migration. And to the recovery from Covid-19,” he added.

The appointment of Ajay Banga as the President of World Bank was intended “precisely to make this vision a reality”, he added.

ALSO READ-Biden may meet MBS at G20 meet

Previous Story

India on Track to Become $5 Trillion Economy: Modi at BRICS summit

Next Story

Iraq,Turkey Seek Solutions for Water Share Amid Climate Change Impact

Latest from -Top News

Trump Warns Musk: ‘Close Shop or Go Home’

Trump’s warning on his Truth Social platform late on Tuesday (US time) came amid the feud between him and Musk over the ‘One Big Beautiful Bill’….reports Asian Lite News Former US President

India-US Trade Deal Likely This Week

The interim trade deal would be an initial step towards a comprehensive bilateral free trade agreement between Indian and the US….reports Asian Lite News India is expected to finalise an interim trade

One Year Later, Hasina’s Son Raises Red Flag

Hasina’s abrupt exit last August after violent student protests was widely seen as a blow to democracy in the Muslim-majority nation of 170 million….reports Asian Lite News Sajeeb Wazed, son of former

Global South Finds Its Campus in India

The question is no longer if India can attract global talent, but whether it can build the conditions to do so at scale—with care and vision. Done right, India could emerge as

Jaishankar Gets Real on India-US Ties

The EAM underlined the structural drivers of the bilateral relationship, saying, “The trend line over the last 25 years has actually been very strong….reports Asian Lite News External Affairs Minister S. Jaishankar
Go toTop

Don't Miss

Make in Odisha nets INR 10.5 lakh crores

Make in Odisha (MIO) Conclave 2022 had received an overall

Missing Indian student found dead in Ohio

Our deepest condolences to Mr Mohammed Arfath’s family, the Consulate