G20 meeting of financial architecture working group concludes

Chandigarh: A two-day meeting of the G20 International Financial Architecture Working Group concluded here on Tuesday with participants discussing issues pertaining to strengthening multilateral development banks and how to address challenges associated with the debt.

Around 100 delegates from the G20 countries, invitee countries and international organisations participated in the meeting, Anu P Mathai, adviser, the Ministry of Finance, said while addressing the media here.

The discussions during the two-day meeting was jointly steered 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.

Matahi said the meeting was conducted over two days and the aim was to seek views of the G20 member countries and the invitee countries on the agenda of this group under the Indian presidency.

“The subjects that were discussed over the last two days were how to strengthen multilateral development banks and how to address challenges associated with this the G20 common framework for debt treatments which is a previous achievement of G20 for helping the very poor countries with the debt.

“The focus of this group in 2023 is to support a global action for enhancing financing for development while at the same time, strengthening international financial institutions to support vulnerable countries,” she said.

There will be more meetings of this group, she further said.

India assumed the G20 presidency for one year on December 1, 2022. The G20, or Group of 20, is an intergovernmental forum of the world’s major developed and developing economies.

It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Indonesia, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union (EU).