First International Financial Architecture Working Group Meeting of G20

Tags: National News

The first International Financial Architecture Working Group meeting under the G-20 Indian Presidency was inaugurated in Chandigarh on 30 January by Union Agriculture and Farmers Welfare Minister Narendra Singh Tomar and Food Processing Industries Minister Pashupati Kumar Paras. 

An overview of the news

• The deliberations during the two-day meeting were jointly moderated by the Ministry of Finance and the Reserve Bank of India along with France and Korea, which are co-chairs of the International Financial Architecture Working Group.

• An event titled 'Central Bank Digital Currencies (CBDCs): Opportunities and Challenges' was also organised during this meeting.

• The first meeting of the G20 Finance Ministers and Central Bank Governors will be held in Bengaluru on 24-25 February 2023.

• The theme of India's G-20 chairmanship, "Vasudhaiva Kutumbakam" or 'One Earth, One Family, One Future', underlines the message of equitable development and a shared future for all.

International Financial Architecture Working Group and objectives of meeting

• The International Financial Structure Working Group is one of the important action plans under the G20 finance track.

• It focuses on strengthening the international financial structure.

• It aims to address various challenges faced by vulnerable countries.

• About 100 delegates from G20 members, invited countries and international organisations participated in the two-day meeting.

Key issues of discussion

• Ways to enhance the stability and cohesion of the international financial architecture and solutions to the global challenges of the 21st century.

• Discussion on finding ways to maximise aid to poor and vulnerable countries.

• Central Bank Digital Currencies (CBDC): Opportunities and Challenges