Ahead of the meeting of G20 Finance Ministers and Central Bank Governors (FMCBG) on July 17-18 at Gandhinagar, Gujarat, the group’s Finance Track deputies will huddle together in the city on Friday to finalise key deliverables on debt vulnerability challenges, strengthening MDBs, regulation of crypto assets, global economy and health.
The Third G20 FMCBGs meeting under the Indian G20 Presidency will see the participation of Finance Ministers and Central Bank Governors of the G20 members, guest countries, and heads of International Organisations.
In total, there will be 520 participants across 66 delegations attending the meeting. Union finance minister Nirmala Sitharaman and the Reserve Bank of India Governor Shaktikanta Das will jointly chair the meeting.
The key deliverables that will be presented to the Ministers and Governors include Volume 1 of a Report of the G20 Independent Expert Group on Strengthening MDBs; progress in the debt treatment for countries under the Common Framework; a guidance note for developing a globally coordinated framework for the regulation and supervision of crypto-assets; recommendations on Advancing Financial Inclusion and Productivity Gains through Digital Public Infrastructure (DPI) to achieve financial inclusion of the last mile; Principles for Financing Cities of Tomorrow, among others, the finance ministry said.
“In the present difficult times for the global economy, uncertainties require policy coordination among major economies. Though the pandemic is behind us, in terms of how to be better prepared in case there is another pandemic to come in (will also be deliberated),” economic affairs secretary Ajay Seth said.
The focus of the Deputies’ meeting will be to discuss the outcome document for the consideration of FMCBGs. This outcome document will present the work done under various work streams of the G20 Finance Track and the guidance from the FMCBGs on the way forward.
The meeting will be organised into five thematic sessions on July 17-18 2023 covering Global Economy and Global Health, Sustainable Finance and Infrastructure, International Financial Architecture, International Taxation, and Financial Sector & Financial Inclusion. The objective of the 3rd G20 FMCBG is to review the outcomes of the G20 Finance Track and to seek guidance from Ministers and Governors on the way forward.
The key deliverables that will be presented to the Ministers and Governors include Volume 1 of a Report of the G20 Independent Expert Group on Strengthening MDBs; progress in the debt treatment for countries under the Common Framework; a guidance note for developing a globally coordinated framework for the regulation and supervision of crypto-assets; recommendations on Advancing Financial Inclusion and Productivity Gains through Digital Public Infrastructure (DPI) to achieve financial inclusion of the last mile; Principles for Financing Cities of Tomorrow, among others.
On the sidelines of the meeting, a number of G20 events have been planned for the visiting Ministers, Governors, Deputies and other delegates. These include an Infrastructure Investors’ Dialogue on ‘Leveraging Funding and Financing Mechanisms and Approaches for the Cities of Tomorrow’; a High-Level Tax Symposium on ‘Combatting Tax Evasion, Corruption and Money Laundering’; a Roundtable Discussion on Crypto Assets; a Roundtable on the Report of the G20 Expert Group on Strengthening MDBs; Workshops on ‘Interlinking Fast Payment Systems (FPS)’ and ‘Achieving Growth-Friendly Climate Action and Financing for Emerging and Developing Economies’.