G20 International Financial Architecture Working Group Meeting begins Today in Chandigarh

Chandigarh: The first G20 International Financial Architecture Working Group meeting under the G20 Indian Presidency starts on Monday and the day after in Chandigarh.

Briefing the media persons on Sunday at Chandigarh, Anu P Mathai, Economic Advisor, Department of Economic Affairs said that the International Financial Architecture Working Group is one of the important workstreams under the G20 Finance Track with a focus on strengthening the international financial architecture. It also aims to address multiple challenges faced by vulnerable countries.

She said that approximately, 100  delegates from across the G20membership, Invitee Countries, and International Organizations will be arriving in Chandigarh to participate in the two-day meeting.

The meeting will be inaugurated by Hon’ble Minister of Agriculture and Farmers Welfare, Shri Narendra Singh Tomar, and Hon’ble Minister of Food Processing Industries, Shri Pashupati Kumar Paras. The discussions during the two-day meeting will be 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.

The meeting will also discuss ways to enhance the stability and cohesion of international financial architecture and how to make it fit for addressing the global challenges of the 21st century. The meeting will also focus on exploring ways to provide maximum support to poor and vulnerable countries.

On the sidelines of this meeting, on 30 January 2023, a G20 side event titled ‘Central Bank Digital Currencies (CBDCs): Opportunities and Challenges’ will also be held. The event is aimed at sharing country experiences and developing a deeper understanding of the macroprudential implications of CBDCs.

The first G20 Energy Transition Working Group (ETWG) meeting will be held in Bangalore from February 5 to 7.