Tribune News Service
Chandigarh, January 29
The first two-day meeting of the G20 International Financial Architecture Working Group under the Indian G20 presidency will be inaugurated here on Monday by Union Agriculture Minister Narendra Singh Tomar and Food Processing Industries Minister Pashupati Kumar Paras.
The meeting will discuss ways to increase the stability and cohesion of the international financial architecture and how to adapt it to meet the global challenges of the 21st century. It will also focus on exploring ways to provide maximum support to poor and vulnerable countries, Anu Mathai of the union finance ministry told media on Sunday. This working group is specifically concerned with how to strengthen the response in times of crisis, she said.
Mandate of the working group
- G20 delegates will discuss ways to increase the stability and cohesion of the international financial architecture
- The working group will focus on exploring ways to provide maximum support to poor and vulnerable countries
- It will meet again in March, June and September, before making recommendations for the G20 summit in New Delhi on 9 and 10 September
Discussions during the two-day meeting will be jointly led by the Ministry of Finance and the Reserve Bank of India along with France and Korea who are the co-chairs of the International Financial Architecture Working Group. The working group will meet again three times, in March, June and September, before presenting its recommendations for the G20 summit in New Delhi on 9 and 10 September.
The deliberations of the working group conclave will feed into the first meeting of G20 finance ministers and central bank governors on 24-25 February in Bangalore.
The International Financial Architecture Working Group is a workflow under the G20 Finance Track with the aim of strengthening the international financial architecture and addressing the multiple challenges faced by vulnerable countries.
Around 100 G20 member delegates, notably invited countries and representatives of international organizations are here for the two-day meeting, an official statement reads.
On the sidelines, a G20 side event “Central Bank Digital Currencies (CBDCs): Opportunities and Challenges” will also take place on Monday.
Ahead of the meeting, a seminar on “Central Bank Digital Currencies: The Indian Story” was held here on 25 January.
Responding to a question, he said debt is an important item on the agenda of the International Financial Architecture Working Group.
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