Bengaluru to host first G-20 Finance and Central Bank Deputies meet from tomorrow

Landed in Bengaluru for G20 meetings and to a traditional welcome! Looking forward to productive engagements. pic.twitter.com/5OZxx8VOwa

— Gita Gopinath (@GitaGopinath) December 12, 2022

The upcoming FCBD meeting will be co-chaired by Ajay Seth, secretary, Department of Economic Affairs, and Dr Michael D Patra, Deputy Governor of RBI. Their counterparts from G20 member countries, and from several other countries and international organisations invited by India, will participate in the meeting.

The G20 Finance Track discusses key issues of relevance for the global economy, such as international financial architecture, infrastructure development and financing, sustainable finance, global health, international taxation and financial sector issues, including financial inclusion.

In the Bengaluru meeting, discussions will focus on the agenda for the Finance Track under the Indian G20 Presidency. This includes reorienting international financial institutions to meet shared global challenges of the 21st century, financing cities of tomorrow, managing global debt vulnerabilities, advancing financial inclusion and productivity gains, financing for climate action and Sustainable Development Goals, a globally coordinated approach to unbacked crypto assets and advancing the international taxation agenda.

On the sidelines of the meeting, a panel discussion will be held on ‘Strengthening Multilateral Development Banks to Address Shared Global Challenges of the 21st Century’. A seminar on the ‘Role of Central Banks in Green Financing’ will also be held, according to a release by the Press Information Bureau (PIB).

The Indian G20 Presidency’s theme of ‘One Earth, One Family, One Future’ will guide the G0 Finance Track discussions. Approximately 40 meetings of the Finance Track will be held in several locations across India. The discussions in the G20 Finance Track will ultimately be reflected in the G20 Leaders’ Declaration.

“During India’s G20 Presidency, supporting the countries most in need and reflecting the concerns and aspirations of developing countries will be at the forefront of the G20’s efforts. The Ministry of Finance and the Reserve Bank of India will steer the G20 Finance Track agenda in an inclusive manner aimed at addressing the global economic needs of today as well as preparing for a better tomorrow,” the release said.