To strengthen the crisis response – prepare jointly for another pandemic and deliberations on how we can globally corroborate our finances together to deal with a situation like Covid – will be one of the key discussions under International Financial Architecture that will be held with G20 delegates on Monday here in Chandigarh. Anu P Mathai, Economic Advisor from Department of Economic Affairs, here for G20 said that, “Apart from various sessions on reducing debts, the pandemic response crisis will be discussed”. The G20 has 19 countries plus the European Union, members of which form two third of the world population. "This grouping plays an important role in shaping global financial architecture and governance on major international economic issues,” Mathai said, adding that the meeting will focus on dealing with global financial architecture. India took over the G20 presidency from Indonesia from December 1. Stating that there are several working groups, the economic adviser said that Ministry of Finance handles the finance track which has eight working groups and Chandigarh hosts the first meeting of Global Financial Architecture on January 30 and 31. Each working group will have four to five meetings throughout the year across different cities. “The discussion particularly deals with strengthening crisis response. how can we extend our support to poorest of countries and how to increase stability and cohesion of international financial architecture to deal with pandemic and other issues will be discussed over these two days,” Mathai stated. When asked to elaborate on the joint health and finance issue, she said, “We have a joint group of health and finance and it came in the time of the pandemic. One of the key discussions would be how to improve coordination between health and finance at a global level. Now have a dedicated Pandemic Fund in the World Bank,” Mathai said. No G20 permanent secretariat The officers, while clearing the air on having a G20 permanent secretariat said, “In fact, this was decided against because the whole purpose of informal grouping and visiting countries is to bring home their culture and legacy. That purpose is then defeated”. 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 RBI along with France and Korea who are the Co-chairs of the International Financial Architecture Working Group. The meeting will discuss ways to enhance the stability and cohesion of the 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.
