Yellen and FM Sitharaman discuss global economic outlook

US Treasury Secretary Janet Yellen has spoken to Finance Minister Nirmala Sitharaman for the first time and conveyed her intention to collaborate closely with India to support a strong global recovery from the COVID-19 pandemic and enhance cooperation to address shared priorities.

Yellen also appreciated India's role as a critical partner in fighting the COVID-19 pandemic, the US Department of Treasury said in a readout of the call on Monday.

This was Yellen's maiden call with Sitharaman after the 74-year-old top economist became the first female Treasury Secretary of the United States in January this year.

During the call, she "conveyed her intention to collaborate closely to support a strong global recovery from the COVID-19 pandemic, fight inequality, and advance a bold climate agenda," Yellen appreciated India's role as a critical partner in fighting the COVID-19 pandemic, the readout said.

"The Secretary looks forward to cooperating with Minister Sitharaman, both bilaterally and multilaterally, to address shared priorities, it said.

"Finance Minister Smt. @nsitharaman had a fruitful discussion on global economic outlook with US Secretary of Treasury @JanetYellen virtually. Dr. Yellen appreciated India's contribution to the world's vaccine efforts," India's Ministry of Finance said in a tweet.

Sitharaman congratulated Yellen on the well thought out COVID-19 relief through the USD 1.9 trillion American Rescue Plan, with particular focus on working and middle-class. They agreed to work closely through common economic and strategic collaboration in various multilateral fora, including the G20, it said.