Global inflation, crypto discussed at the first G20 Finance and Central Bank Deputies meeting under India’s presidency
The summit, which took place in Bengaluru on December 13 and 14, also highlighted global economy and framework working group priorities, wherein G20 members discussed global economic challenges, including inflation, food, and macroeconomic implication of climate change, among others.
In the session on International Financial Architecture, delegates deliberated on various issues, including global debt distress, capital flows, global financial safety net, and strengthening MDBs.(Express Photo/special arrangement) The first G20 Finance and Central Bank Deputies meeting under India’s presidency focused on issues relating to the global economy and risks, strengthening Multilateral Development Banks (MDBs), managing global debt vulnerabilities, financing climate action and sustainable development goals (SDGs).
The summit, which took place in Bengaluru on December 13 and 14, also highlighted global economy and framework working group priorities, wherein G20 members discussed global economic challenges, including inflation, food, and macroeconomic implication of climate change, among others.
The G20 Finance and Central Bank Deputies meeting was co-chaired by Union secretary (economic affairs) Ajay Seth and RBI deputy governor Dr Michael Patra. Around 184 representatives of central banks and finance deputies from 20 countries and 13 guest countries including Bangladesh and Nepal, and around 17 international institutions like the World Bank, and the World Health Organisation, participated in the two-day summit. This also marked the beginning of the G20 Finance Track under the Indian Presidency.
Addressing the press, Seth said: “Not just low-income countries, even middle-income countries are facing debt stress post the pandemic. Debt stress is a burden on the government and also on the corporate sector. We have discussed this topic in depth. India has also proposed various finance-related measures on the lines of Vasudhaiva Kutumbakam which has got good support from the G20 members…”
He added that financial sector issues like global consensus on crypto assets were also discussed.
In the session on International Financial Architecture, delegates deliberated on various issues, including global debt distress, capital flows, global financial safety net, and strengthening MDBs.
The summit also witnessed substantive disc(Special Arrangement)
Over the course of two days, seven discussion sessions and two side events were organised that addressed multiple finance-related issues. An event on ‘Strengthening MDBs to Address Shared Global Challenges of 21st century’ was held on the sidelines of the deputies’ meeting. The event featuring US finance deputy Andy Baukol and Saudi Arabia’s finance deputy Ryadh Alkharief along with director general of Asian Development Bank Tomoyuki Kimura focused on discussing how MDBs can help countries address transboundary challenges.
In the infrastructure session, a discussion took place on India’s priorities for the infrastructure Working Group 2023 including ‘Financing Cities of Tomorrow: Inclusive, Resilient and Sustainable’. On sustainable financial issues, members exchanged views on financing for SDGs including climate action to facilitate the development of a sustainable and resilient global economy.
The summit also witnessed substantive discussion on International Taxation.
In the session on Global Health, the G20 deputies discussed strengthening the coordination arrangement between the finance and health ministries for Pandemic Prevention Preparedness and Response (PPR), including expanding the voice of low-income countries by inviting key regional organisations to the discussions.
The financial sector and financial inclusion issues were taken up in the last session of the meeting. The discussion focused on financial sector developments and approaches to advancing financial inclusion through a ‘people-centric’ vision.
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