Image source: India G20’s official Twitter

The first G20 International Financial Architecture Working Group meeting under the Indian Presidency of the G20 is currently taking place in Chandigarh on January 30 and 31, 2023. 

One of the key workstreams of the G20 Finance Track is the International Financial Architecture Working Group, which has as its primary goal the improvement of global financial architecture. It also aims to address the various challenges that weaker countries have to deal with.  

Approximately 100 delegates from G20 members, invited countries, and international organizations arrived in Chandigarh for the two-day meeting.  

The meeting was officially opened by Shri Pashupati Kumar Paras, Minister of Food Processing Industries, and Shri Narendra Singh Tomar, Minister of Agriculture and Farmers’ Welfare. Together with France and Korea, who are the Co-Chairs of the International Financial Architecture Working Group, the Ministry of Finance and Reserve Bank of India will co-chair the discussions during the two-day gathering. At the meeting, participants are discussing how to improve the stability and cohesiveness of the international financial architecture and how to adapt it to meet the challenges of the 21st century. The meeting also focused on exploring ways to provide maximum support to poor and vulnerable countries. 

On the eve of this meeting, a G20 side event titled “Central Bank Digital Currencies (CBDCs): Opportunities and Challenges” was held on January 30, 2023. The purpose of the event was to share country experiences and gain a better understanding of the macroprudential implications of CBDCs. 

In the run-up to this meeting, several “Jan-Bhagidari” events were held throughout Chandigarh. On January 25, 2023, a seminar titled “Central Bank Digital Currencies: The Indian Story” was also held in Chandigarh. These events are intended to raise awareness about the G20 Indian Presidency in 2023 and its theme, “Vasudhaiva Kutumbakam,” which translates as “One Earth, One Family, One Future.” 

During India’s G20 Presidency, this working group will reconvene in March, June, and September to continue discussing the priorities set during the Indian Presidency. 

The International Financial Architecture Working Group meeting’s discussions will provide the G20 Finance Ministers and Central Bank Governors (FMCBG) with additional information regarding the important discussions regarding pertinent priorities under India’s G20 Finance Track. The G20 Finance Ministers and Central Bank Governors’ inaugural gathering is slated to take place in Bengaluru on February 24 and 25, 2023.

Sourced from India G20 official site