G20 finance chiefs to meet in Gandhinagar to discuss global economy

The third meeting of G20 Finance Ministers and Central Bank Governors (FMCBG) will be held under the Indian presidency next week to discuss various issues, including the global economy and sustainable finance.

The meeting on July 17 and 18 in Gandhinagar, Gujarat, will be co-chaired by Finance Minister Nirmala Sitaraman and RBI Governor Shaktikanta Das. In the first meeting of the FMCBG, held in Bengaluru in February 2023, a number of priorities were identified and approved by ministers and governors of G20 nations.

"During the course of the year, intensive work has been taken up, has been completed in various work streams, involving participation from all G20 countries and international organisations. The culmination of those works in the form of reports, findings will be presented to ministers and governors, the guidance will be obtained, and several of those reports will be approved as the way forward," Economic Affairs Secretary Ajay Seth said in a recorded message.

Prior to this meeting, a meeting of the Deputies from the finance ministries and central banks of G20 countries and invited countries and international organisations will be held on July 14 and 15. Primarily, Seth said, the deputies will be discussing the various deliverables and also the draft outcome document expected at the end of the Ministers and Governors Meeting. It is expected that more than more than 520 delegates, including ministers and governors' deputies, across 66 delegations will be participating in these meetings spread over five days.

"The meeting of the governors and finance ministers has been organised in five thematic areas - global economy and global health, sustainable finance and infrastructure, international financial infrastructure, international taxation and fifth financial sector issues and financial inclusion," he said. During the course of these sessions, he said, several deliverables will be presented to ministers and governors. Some of the key deliverables include Volume I of the report of the G20 Independent Expert Group on strengthening multilateral development banks (MDBs).

The expert group is co-convened by 15th Finance Commission Chairman NK Singh and Larry Summers from the US. The second key deliverable is expected to be progress on debt treatment for countries under the common framework, which are facing debt vulnerabilities and a guidance note for developing a globally coordinated framework for regulation and supervision of crypto assets. "Fourth key deliverable is expected to be a recommendation on advancing financial inclusion and productivity gains by using digital public infrastructure and the fifth one is on principles for financing cities of tomorrow," he said. On the sidelines of these meetings, a number of events have also been planned, he said.

There would be a roundtable on crypto assets and a report of the G20 expert Group on strengthening MDBs, he said, adding there are two workshops, including achieving growth-friendly climate action and financing for emerging and developing economies. A Ratri Bhoj Par Samvad and specially curated cultural programmes will also be organised for finance ministers, Central Bank Governors and their delegations, which will showcase India's diverse cuisines and culture, Seth said. Excursions have also been planned on July 19 for the visiting delegates, which will give them an opportunity to enjoy and see vibrant Gujarat, he said, adding these include guided tours of Ahmedabad city, Patan and the Statue of Unity.