Union Finance Minister Nirmala Sitharaman will host a breakfast for her counterparts from G20 countries on the sidelines of the annual meeting of the International Monetary Fund (IMF) and the World Bank.

Founded in 1999, the G20 is a grouping of 19 major world economies along with the European Union.

India will assume the annual presidency of G20 countries in December this year. Indonesia is currently heading the presidency.

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US Treasury Secretary Janet Yellen along with finance ministers of other G20 countries have confirmed to attend the breakfast meeting being hosted by Sitharaman at the headquarters of the IMF.

Sitharaman with this meeting intends to set the pace and scope for India's presidency for the next year and establish a personal relationship with her counterparts from the G20 countries.

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Pierre-Olivier Gourinchas, economic counselor and director of the research department at the International Monetary Fund (IMF), centre, speaks during a World Economic Outlook news conference during the annual meetings of the IMF and World Bank Group in Washington, DC, US, on Tuesday, Oct. 11, 2022.

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At a time when the world is facing recession andlarge-scale inflation, the role that G20 plays in steering the global economy has gained significance.

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