G20: FMs and Central Bank Governors meeting to be held in Gandhinagar

Union Finance Minister Nirmala Sitharaman and Reserve Bank of India (RBI) Governor Dr Shaktikanta Das will jointly chair a meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG) to be held on July 17-18 in Gandhinagar where 66 delegations will be in attendance, officials said on Thursday.

The meeting, where a range of issues related to global economy and international financial architecture will come up for discussion, will be preceded by a conclave of G20 Finance and Central Bank Deputies (FCBDs) in the Gujarat capital from July 14 to 15. These meetings are being held under India's presidency of Group of Twenty or G20, an influential bloc that comprises 19 countries and the European Union. Union Finance and Corporate Affairs Minister Sitharaman and RBI Governor Das will jointly chair the third G20 Finance Ministers and Central Bank Governors (FMCBGs) meeting. The 3rd meeting will mark the culmination of the work on many of the key deliverables from the G20 Finance Track in 2023 carried out under various work streams based on the mandate received during the first G20 FMCBG conclave held in February in Bengaluru, said Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance. The FMCBG gathering will be preceded by a meeting of G20 Finance and Central Bank Deputies (FCBD) from July 14 to 15 and it will be co-chaired by Seth and RBI deputy governor Dr Michael D Patra. "The focus of the deputies' meeting will be on discussing the outcome document for the consideration of FMCBGs. This outcome document will present the work done under various work streams of the G20 Finance Track and the guidance from the FMCBGs on the way forward," said Seth while addressing a press conference at Mahatma Mandir in Gandhinagar. The 3rd FMCBG meeting will see the participation of Finance Ministers and Central Bank Governors of G20 members, guest countries, and heads of international organisations. In total, there will be 520 participants across 66 delegations at the meeting, said the senior bureaucrat. The meeting will be organised into five thematic sessions on July 17 and 18, covering global economy and health, sustainable finance and infrastructure, international financial architecture, international taxation, and financial sector and financial inclusion, Seth said. The objective of the 3rd G20 FMCBG is to review the outcomes of the G20 Finance Track and to seek guidance from ministers and governors on the way forward, he said. "The key deliverables that will be presented to ministers and governors include volume 1 of a report of the G20 Independent Expert Group on Strengthening MDBs (multilateral development banks); progress in the debt treatment for countries under the Common Framework; a guidance note for developing a globally coordinated framework for the regulation and supervision of crypto-assets," Seth said On the sidelines of the meeting, a number of G20 events have been planned for the visiting ministers, governors, deputies and other delegates. These include an infrastructure investors' dialogue on 'Leveraging Funding and Financing Mechanisms and Approaches for the Cities of Tomorrow'; a high-level tax symposium on 'combating tax evasion, corruption and money maundering' and a roundtable discussion on crypto assets. "In addition, a roundtable on the report of the G20 expert group on strengthening MDBs; workshops on interlinking fast payment systems, achieving growth-friendly climate action and financing for emerging and developing economies will also be held," said the Ministry of Finance official. A 'Ratri Bhoj Par Samvad' (conversation over dinner) and cultural programmes showcasing India's diverse cuisines and rich culture will also be organised for finance ministers and other delegates.