Indian Finance Minister Nirmala Sitharaman, chair and host of the summit in Gandhinagar, began by telling finance leaders of "the responsibility we have... to steer the global economy towards strong, sustainable, balanced and inclusive growth".
Yellen said: "The world is looking to the G20 to make progress on key challenges like climate change and pandemics as part of our work to strengthen the global economy." "We should apply the common principles we agreed to in Zambia's case in other cases, rather than starting at zero every time," Yellen said. "And we must go faster."
Several economies have struggled following the double blow of the coronavirus pandemic and fallout from Russia's war in Ukraine - which hit global fuel and commodity prices. "But in the Global South, it is a matter of survival, because hurricanes are stronger, heat-resistant seeds are in short supply, drought is destroying farms and towns, and floods are washing away decades of progress."