First G20 Finance Ministers & Central Bank Governors Meeting To Discuss Key Global Economic Issues

The First G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the G20 Indian Presidency scheduled later this week is expected to discuss on addressing some of the key global economic issues. It is expected to cover issues such as strengthening multilateral development banks to address shared global challenges of the 21st century, financing for resilient, inclusive and sustainable 'cities of tomorrow,' leveraging Digital Public Infrastructure (DPI) for advancing financial inclusion and productivity gains. 

The sessions will also cover issues related to global economy, global health, and international taxation. The discussions in the G20 FMCBG meeting scheduled on February 24 and 25 here, to be jointly chaired by Union Finance Minister Nirmala Sitharaman and Governor, Reserve Bank of India (RBI), Dr Shaktikanta Das are intended to provide a clear mandate for the various work streams of the G20 Finance Track in 2023.

"We expect more than 70 delegations and more than 500 delegates, including Ministers, Central Bank Governors and senior officers from various countries, who are members of G20, as well those those countries who have been invited by Indian presidency, and also the international organisations,"  Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance told reporters here on Tuesday.

Noting that we are living in an inter-connected world, where in all countries get impacted by happenings in other countries and we have to find common solutions, he said, "over the two days we expect the Ministers and Governors will be discussing a wide range of issues beginning with macro economy, as we are aware that though conditions at the macro economy level have somewhat eased in the recent months, but overall environment continues to be very tough."

The inflation rates are high and in such a situation, the coordination between major economies is vital and we expect it to form the major part of the discussion, he added. Further pointing out that along with inflation being high there are also growth concerns, Seth said, there are indications and assessments that the growth would be slowing down at the global level, and that will have implications on the global trade.

"Some what the conditions (of global economy) are not tough as they were looking few months back, but nevertheless that also has to be factored in," he said, adding that there are several countries which are facing huge debt problems, especially on the external front and finding lasting solutions for them may also figure very prominently in these discussions.

Seth said the other area that may figure in discussion is how the global community working through multilateral development banks can come together to address some of the long-term challenges, which as a global community we face, like- sustainable development goals, challenges arising from climate change, the policies and other measures to be adopted by various countries for their climate action, how to do financing for them.

Another area would be around infrastructure around the cities, he said, sustainable cities for tomorrow and financing for them may also figure in the discussion. Responding to a question, Seth said the Union Finance Minister will be meeting several of her collogues coming from various countries during the two-day meet. G20 FMCBG meeting will be preceded by a meeting of G20 Finance and Central Bank Deputies (FCBD) on  February 22, which will be co-chaired by Seth, and Dr Michael D Patra, Deputy Governor, RBI.  

Union Minister for Information and Broadcasting and Youth Affairs and Sports, Anurag Thakur, will inaugurate the G20 FCBD meeting tomorrow. On the sidelines of these meetings, a number of side events have been planned for the visiting Ministers, Governors, Deputies and other delegates, on subjects such as Digital Public Infrastructure, Policy Perspectives on Crypto Assets and the role of National Payment Systems in Cross Border Payments.

A Ratri Bhoj Par Samvad and specially curated cultural programmes will also be organised for the Finance Ministers, Central Bank Governors and their delegations which will showcase India’s diverse cuisines and culture, a release said. A special event titled Walk the Talk: Policy in Action is also being organised, during which the Ministers and Governors will visit the Indian Institute of Science (IIS) to engage with tech-innovators and entrepreneurs who are working on affordable and scalable solutions to some of the challenges being faced by G20 member countries.

For the welcome of ministers, governor, deputies and delegates,  the release said that cultural programmes showcasing India's rich cultural odyssey across Karnataka — a land renowned for its deep rooted cultural and artistic heritage with diverse forms of arts and crafts are being organised.  The performance would reflect the artistry and splendour of Karnataka's cultural ethos and legacy. On February 26, choices of excursions have been provided for the delegates to provide them an opportunity to enjoy the beautiful natural landscape of Karnataka, it said.