During a two-day meeting here in Goa, a major G20 working group on finance examined a variety of themes, including strengthening multilateral development banks to address global challenges of the twenty-first century and improving the international financial safety net. The third G20 International Finance Architecture Working Group (IFAWG) meeting, co-chaired by South Korea and France, examined the group’s primary priority topics. India presently holds the presidency of the Group of 20 (G20), an international forum of the world’s main established and emerging economies, and sessions of various working groups have been held throughout states and Union territory. Around 100 participants from G20 member countries, invitee nations, and numerous international organisations, including multilateral development banks (MDBs), attended the conclave, which began on Tuesday in the coastal state.
The meeting was co-led by the Ministry of Finance and the Reserve Bank of India, as well as France and South Korea, the IFAWG’s co-chairs. “The meeting saw detailed deliberations on the IFAWG’s key priority areas, which included strengthening MDBs to address shared global challenges of the twenty-first century, among other things,” stated a government spokesman. According to him, the discussions also focused on managing global debt vulnerabilities, strengthening the Global Financial Safety Net (GFSN), following up on the IMF’s general special drawing rights (SDR) allocation, strengthening financial resilience through sustainable capital flows, and assessing the macro-financial implications of Central Bank Digital Currencies (CBDCs). According to the spokesman, the members recognised the importance of MDBs strengthening and evolving to meet trans-boundary concerns.
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