Express News Service
CHANDIGARH: The first G20 International Financial Architecture Working Group meeting will be held on January 30 and 31 under the Indian presidency which will have a comprehensive look at the global debt situation.
The meeting will discuss ways to enhance the stability and cohesion of international financial architecture, as well as address the global challenges of the 21st century. The meeting will also focus on exploring ways to provide maximum support to poor and vulnerable countries.
Talking to the media Anu P Mathai Adviser, Trade Policy Division, Department of Commerce said, “this working group deals with issues related to international financial architecture such as global financial safety net (GFSN), matters related to development finance, managing debt vulnerabilities and enhancing debt transparency, capital flow management and promoting local currency bond markets.”
“Debt is a big part of the agenda of this working group and especially with the pandemic the debt distress has got aggravated so during the pandemic one major step that was taken so to defer the debt re-payment of the very poor countries so that was something called the debt suspension service initiative so that was intimated during the Saudia Arabia presidency of the G-20 in 2020 from that it moved on to the common treatment of debt repayment that was extended and it was attempted how to restructure the debt of the very poor countries along with it the transparency of debt has also become very important that is another aspect which is being looked into,” she said.
She added, “Under the Indian presidency how to deal with debt and how to handle debt treatment in a better way, some of these initiatives have not worked well as they were supposed to. So under the Indian presidency, there will be a comprehensive look at the global debt situation and the idea is to bring out a report on what has worked and what has not worked and how it can be improved. Debt continues to be a major part of the agenda.”
“The International Financial Architecture Working Group is one of the important work streams under the G20 Finance Track with a focus on strengthening international financial architecture. It also aims to address multiple challenges faced by vulnerable countries. Approximately 100 delegates from across the G20membership, Invitee countries and International Organizations will be arriving in Chandigarh to participate in the two-day meeting,” said Mathai.
She said, “During the course of India’s G20 Presidency, this Working Group will meet again in March, June, and September to continue discussions on the priorities set under the Indian Presidency. Discussions from the International Financial Architecture Working Group meeting will further inform the G20 Finance Ministers and Central Bank Governors (FMCBG) on the key deliberations on related priorities under India’s G20 Finance Track. The first meeting of the G20 Finance Ministers and Central Bank Governors is scheduled to be held on February 24 and 25 in Bengaluru.”
On the sidelines of this meeting, on January 30 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.
In the run-up to this meeting, a number of events have been held across the city of Chandigarh for increasing ‘Jan-Bhagidari’ and generating interest in the G20 events under the Indian Presidency. A seminar on “Central Bank Digital Currencies: The Indian Story” was also held on January 25, 2023, in Chandigarh. These events are aimed at creating awareness of the G20 Indian Presidency in 2023 and its theme “VasudhaivaKutumbakam” or “One Earth – One Family – One Future”.
The meeting will be inaugurated by Minister of Agriculture and Farmers Welfare, Narendra Singh Tomar, and Minister of Food Processing Industries, 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.
CHANDIGARH: The first G20 International Financial Architecture Working Group meeting will be held on January 30 and 31 under the Indian presidency which will have a comprehensive look at the global debt situation.
The meeting will discuss ways to enhance the stability and cohesion of international financial architecture, as well as address the global challenges of the 21st century. The meeting will also focus on exploring ways to provide maximum support to poor and vulnerable countries.
Talking to the media Anu P Mathai Adviser, Trade Policy Division, Department of Commerce said, “this working group deals with issues related to international financial architecture such as global financial safety net (GFSN), matters related to development finance, managing debt vulnerabilities and enhancing debt transparency, capital flow management and promoting local currency bond markets.”
“Debt is a big part of the agenda of this working group and especially with the pandemic the debt distress has got aggravated so during the pandemic one major step that was taken so to defer the debt re-payment of the very poor countries so that was something called the debt suspension service initiative so that was intimated during the Saudia Arabia presidency of the G-20 in 2020 from that it moved on to the common treatment of debt repayment that was extended and it was attempted how to restructure the debt of the very poor countries along with it the transparency of debt has also become very important that is another aspect which is being looked into,” she said.
She added, “Under the Indian presidency how to deal with debt and how to handle debt treatment in a better way, some of these initiatives have not worked well as they were supposed to. So under the Indian presidency, there will be a comprehensive look at the global debt situation and the idea is to bring out a report on what has worked and what has not worked and how it can be improved. Debt continues to be a major part of the agenda.”
“The International Financial Architecture Working Group is one of the important work streams under the G20 Finance Track with a focus on strengthening international financial architecture. It also aims to address multiple challenges faced by vulnerable countries. Approximately 100 delegates from across the G20membership, Invitee countries and International Organizations will be arriving in Chandigarh to participate in the two-day meeting,” said Mathai.
She said, “During the course of India’s G20 Presidency, this Working Group will meet again in March, June, and September to continue discussions on the priorities set under the Indian Presidency. Discussions from the International Financial Architecture Working Group meeting will further inform the G20 Finance Ministers and Central Bank Governors (FMCBG) on the key deliberations on related priorities under India’s G20 Finance Track. The first meeting of the G20 Finance Ministers and Central Bank Governors is scheduled to be held on February 24 and 25 in Bengaluru.”
On the sidelines of this meeting, on January 30 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.
In the run-up to this meeting, a number of events have been held across the city of Chandigarh for increasing ‘Jan-Bhagidari’ and generating interest in the G20 events under the Indian Presidency. A seminar on “Central Bank Digital Currencies: The Indian Story” was also held on January 25, 2023, in Chandigarh. These events are aimed at creating awareness of the G20 Indian Presidency in 2023 and its theme “VasudhaivaKutumbakam” or “One Earth – One Family – One Future”.
The meeting will be inaugurated by Minister of Agriculture and Farmers Welfare, Narendra Singh Tomar, and Minister of Food Processing Industries, 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.
