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HomeNewsBengaluru to host G20 Finance and Central Bank Deputies meeting tomorrow

Bengaluru to host G20 Finance and Central Bank Deputies meeting tomorrow

Tuesday will mark the start of the first Finance and Central Bank Deputies (FCBD) gathering under India’s G20 Presidency. The Ministry of Finance and the Reserve Bank of India will jointly host the three-day gathering, which will kick off discussions on the “Finance Track” agenda under India’s G20 Presidency.

The G20 Finance Track, which is led by the central bank governors and finance ministers of G20 nations, focuses on economic and financial issues. It offers a useful forum for discussion of international economic issues and the coordination of policy.

From 23 to 25 February, 2023, Bengaluru will host the inaugural meeting of central bank governors and finance ministers. Ajay Seth, Secretary of Economic Affairs, and Dr. Michael D. Patra, Deputy Governor of the RBI, will co-chair the upcoming meeting of the G20 FCBD. They will be joined at the meeting by their counterparts from the G20 member nations as well as from a number of other nations and international organisations that India has invited.

The G20 Finance Track, according to an official press release, covers the global economic outlook, the international financial architecture, infrastructure development and financing, sustainable finance, global health, international taxation, and issues relating to the financial sector, including financial inclusion.

Points of discussion

Discussions at the Bengaluru meeting will centre on the schedule for the Finance Track during India’s G20 Presidency. This entails:

– reorienting international financial institutions to meet the common global challenges of the twenty-first century, financing “cities of tomorrow,”

– managing the risks associated with the world’s debt, promoting financial inclusion and productivity gains,

– funding for climate action and the United Nations Sustainable Development Goals,

– taking a globally coordinated approach to unbacked crypto assets,

– and moving the international taxation agenda forward.

A panel discussion on “Strengthening Multilateral Development Banks to Address Shared Global Challenges of the 21st Century” will be held in conjunction with the meeting.

There will also be a seminar on the “Role of Central Banks in Green Financing.” A total of 40 meetings of the Finance Track will take place in India, including gatherings of the central bank governors and G20 finance ministers. The G20 Leaders’ Declaration will ultimately reflect the discussions in the Finance Track.

(With inputs from PTI)

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