The third meeting of the G20’s International Financial Architecture Working Group (IFAWG) will be place in Goa from June 5 to 7, according to an official on Sunday.He stated that the summit will look into measures to modernize the worldwide financial infrastructure and solve the global economy’s critical concerns.The IFAWG is one of the G20 Finance Track’s key work streams, with a focus on strengthening international financial architecture. The third IFAWG meeting in Goa is an important opportunity for the G20 to advance reforms of the International Financial Architecture and address the global challenges of the twenty-first century. Goa is proud to host this important group and to contribute to global financial stability and development, stated Nodal Officer Sanjit Rodrigues.
He stated that this Working Group had already convened twice under India’s G20 presidency. The first meeting took place in Chandigarh on January 30-31, 2023, and the second in Paris on March 30 and 31. These meetings discussed issues such as strengthening multilateral development banks and addressing debt-related challenges, he added. According to a Goa government official, the IFAWG is a forum that gathers finance ministers and central bank governors from G20 countries together to discuss matters concerning international financial architecture. The group was formed as part of the G20 process in 1999 and has since played a significant role in setting global economic policy.
The IFAWG’s mission is to promote international financial stability and decrease systemic risks through member collaboration. It also intends to increase the global financial system’s resilience against multiple sources of vulnerability, including as cyber hazards, climate change, and geopolitical tensions throughout the world, he said. Capital flows and strengthening the global financial safety net are two areas of focus for the IFAWG. The group will also explore the patterns of capital flows and the best policy response for developing economies, as well as initiatives to increase financial system resilience against diverse sources of vulnerability, he added.