New Delhi: The two day meeting of G20 Finance Ministers and Central Bank Governors (FMCBG) under the Indian G20 Presidency concluded yesterday in Washington DC.
It was held on the margins of the 2023 Spring Meetings of the International Monetary Fund and the World Bank Group. Finance Minister Nirmala Sitharaman and Governor of Reserve Bank of India RBI Shaktikanta Das jointly chaired the meeting. The meeting saw participation of around 350 delegates from G20 members, 13 invitee countries, and various international and regional organizations. The meeting was organised in three sessions covering the Global
Economy, International Financial Architecture, Sustainable Finance, Financial Sector, Financial Inclusion, and International Taxation.
During the session on Global Economy and International Financial Architecture, members discussed the key challenges to the global economic outlook, including the war in Ukraine, food and energy insecurity, climate change, and recent risks to financial stability. Members agreed that the G20 can contribute to building a common understanding on fostering a conducive environment for global economic recovery, and ensuring that the most vulnerable countries and sections of the population are adequately protected.
Later at briefing media, Finance Minister Nirmala Sitharaman said, the Finance Ministers and Governors recognised the urgency to address debt vulnerabilities, including strengthening multilateral coordination toward addressing increasing debt distress in low-income and vulnerable middle-income countries. She said, G20 members appreciated India’s Presidency’s focus on the important agenda around reforming and strengthening Multilateral Development Banks to address global challenges of the 21st century, including economic development and climate finance. The Finance Minister said, discussion of climate finance is moving in a positive direction. She said, not just the current flow but also the quantum required for meeting climate challenges. She added that private financing, transitional costs and technological requirements is also being looked into. Ms Sitharaman said, G20 discussions also progressed under the Global Partnership for Financial Inclusion GPFI. She said, countries took a keen interest in leveraging Digital Public Infrastructure DPI for global financial inclusion and productivity gains. The Minister said, when we are talking about crypto and DPI, cross-border payment issues also get subsumed. She said, cross border payments issue has the strength of being a very important instrument to be a good buy-in from all the G20 countries.
