Third FMCGB meeting to have five thematic areas: DEA secretary Ajay Seth

Reports and findings of various working groups would be presented to ministers and governors and their guidance will be obtained on the same, Ajay Seth, Secretary, department of economic affairs said on the third G20 Finance Ministers and Central Bank Governors (FMCBGs) and Finance and Central Bank Deputies (FCBD) meetings scheduled to take place in Gandhinagar, Gujarat during 14-18 July, 2023, under the Indian G20 Presidency.

Speaking in a video message Seth said, “Primarily the deputies will be discussing (On July 14-15) first, the various deliverables and also the draft outcome document expected at the end of ministers and finance and the Governors Meeting.”

More than 520 delegates, including ministers, governors deputies, across 66 delegations will be participating in these meetings spread over five days.

Seth said that a number of priorities were identified and approved in the first meeting of the finance ministers and central bank governors, held in Bengaluru in February 2023. He said that during the course of the year intensive work has been taken up in various work streams involving participation from all G20 countries and international organisations.

The reports to be presented to the FMCGBs is a culmination of those works, he said.

The meeting of the governors and finance ministers has been organised in five thematic areas including global economy and global health; sustainable finance and infrastructure; international financial infrastructure; international taxation; and financial sector issues and financial inclusion.

“During the course of these sessions, several deliverables will be presented to honourable ministers and governors,” the DEA secretary said. 

Volume one of these deliverables, he said, includes the report of G 20, an independent expert group on strengthening multilateral development banks. The second is expected to report on the progress on debt treatment for countries under the common framework, which are facing debt vulnerabilities. 

A guidance note for developing a globally coordinated framework for regulation and supervision of crypto assets is also expected. Recommendation on advancing financial inclusion and productivity gains by using digital public infrastructure is the fourth report along with a report on principles for financing cities of tomorrow.

The third finance track would also have a number of side events for the ministers, governors, deputies and delegates including infrastructure investor dialogue on leveraging funding and financing mechanisms and approaches for cities of tomorrow. This would be held in the gift city.

A high level tech Symposium on combating tax evasion, corruption and money laundering is also being organised along with a roundtable on crypto assets. 

Two workshops, including one on interlinking fast payment systems and the second on achieving growth friendly climate action and financing for emerging and developing economies will also be held.

Cultural programmes for the delegates have also been organised alongside excursions which include trips to Ahmedabad, Patan, Modera and the Statue of unity in Kevadia. “Excursions have also been planned on 19th July for the visiting delegates, which will give them an opportunity to enjoy and see the vibrant state of Gujarat,” Seth added.