Washington, Oct 13 (PTI) Union Finance Minister Nirmala Sitharaman will here on Thursday host a breakfast for her counterparts from G-20 countries on the sidelines of the annual meeting of the International Monetary Fund and the World Bank.

Founded in 1999, G-20 is a grouping of 19 major world economies along with the European Union.

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India will assume the annual presidency of G-20 countries in December this year. Indonesia is currently heading the G-20 presidency.

US Treasury Secretary Janet Yellen along with finance ministers of other G-20 countries have confirmed to attend the breakfast meeting being hosted by Sitharaman at the headquarters of the International Monetary Fund here.

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Sitharaman with this meeting intends to set the pace and scope for India's presidency for the next year and also establish a personal relationship with all of her counterparts from the G-20 countries.

At a time when the world is facing recession and there is large-scale inflation, the role that G-20 has in steering the global economy has gained significance.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)