G20 International Financial Architecture Working Group meeting to start on Monday

The meeting will also focus on exploring ways to provide maximum support to poor and vulnerable countries, Anu P Mathai, Economic Adviser, Department of Economic Affairs, told media here on Sunday.

Around 100 delegates from G20 countries, guest countries and international organizations will attend the two-day meeting.

Union Agriculture and Farmers Welfare Minister Narendra Singh Tomar and Food Processing Industries Minister Pashupati Kumar Paras will inaugurate it, she said.

Discussions during the meeting will be jointly led by the Ministry of Finance and the Reserve Bank of India, as well as France and Korea, co-chairs of the international financial architecture working group.

“The meeting will discuss ways to strengthen the stability and cohesion of the international financial architecture and make it fit to meet the global challenges of the 21st century,” she said.

On the sidelines of Monday’s meeting, a G20 side event titled “Central Bank Digital Currencies (CBDCs): Opportunities and Challenges” will also be held.

The event aims to share country experiences and develop a deeper understanding of the macroprudential implications of CBDCs, she said.

India assumed the chairmanship of the G20 for one year on December 1, 2022. The G20, or Group of 20, is an intergovernmental forum of the world’s major developed and developing economies.

It includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Indonesia, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States and European Union (EU).