3-day G20 finance meeting begins in Bengaluru

BENGALURU: The first G20 Finance and Central Bank Deputies (FCBD) meeting with an aim of forging a common path on global priorities through the theme of "Vasudhaiva Kutumbakam" (world is one family), kicked off in Bengaluru on Tuesday.

The three-day meeting which marks the start of discussions on the Finance Track agenda under the Indian G20 Presidency, will be hosted jointly by the Union Ministry of Finance and the Reserve Bank of India (RBI).

The G20 Finance Track, led by Finance Ministers and Central Bank Governors of the member nations, focuses on economic and financial issues.

It provides an effective forum for global economic discourse and policy coordination.

The meeting is being co-chaired by Ajay Seth, Secretary, Department of Economic Affairs and Michael D. Patra, Deputy Governor of RBI.

Their counterparts from G20 member countries, and from several other countries and international organisations invited by India, are participating in the meeting.

Discussions will focus on the agenda for the Finance Track under the Indian G20 Presidency, including reorienting international financial institutions to meet the shared global challenges of the 21st century; financing cities of tomorrow; managing global debt vulnerabilities; advancing financial inclusion and productivity gains; financing for climate action and SDGs a globally coordinated approach to unbacked crypto assets; and advancing the international taxation agenda, according to the official statement.

Meanwhile, the First Finance Ministers and Central Bank Governors Meeting will be held from February 23-25, 2023 in Bengaluru.