The first meeting of the Finance and Central Bank Deputies (FCBD) of the G20 will be held in Bengaluru from December 13 to 15. Under the Indian G20 presidency, the meeting will mark the beginning of discussion on the Finance Track agenda, which will be hosted jointly by the Ministry of Finance and the Reserve Bank of India (RBI).
As stated by the ministry, the G20 Finance Track, which is led by the finance ministers and central bank governors of the G20 countries, is concerned with economic and financial matters. In addition to providing a forum for global economic discourse, it also facilitates policy coordination. Bengaluru will host the first meeting of the Finance Ministers and Central Bank Governors between February 23-25, 2023.
Landed in Bengaluru for G20 meetings and to a traditional welcome! Looking forward to productive engagements. pic.twitter.com/5OZxx8VOwa
— Gita Gopinath (@GitaGopinath) December 12, 2022
Ajay Seth, Secretary, Department of Economic Affairs, and Dr Michael D Patra, Deputy Governor of the Reserve Bank of India, will jointly chair the upcoming FCBD meeting. A number of countries and international organizations have been invited by India to participate in the meeting in addition to their counterparts from the G20.
As part of the G20 Finance Track, key issues relevant to the global economy are discussed, including international financial architecture, infrastructure development and financing, sustainable finance, global health, international taxation, and financial sector issues, including financial inclusion.
Under the Indian G20 Presidency, discussions will focus on the agenda for the Finance Track in Bengaluru. As part of this initiative, international financial institutions will be reoriented to meet global challenges of the 21st century, finance cities of tomorrow, manage global debt vulnerabilities, advance financial inclusion and productivity gains, finance climate action and Sustainable Development Goals, implement a globally coordinated approach to unbacked crypto assets, and advance international taxation.
We will hold a panel discussion on ‘Strengthening Multilateral Development Banks to Address Shared Global Challenges of the 21st Century’ on the sidelines of this meeting. According to a Press Information Bureau (PIB) release, there will also be a seminar on the ‘Role of Central Banks in Green Financing’.
G20 Finance Track discussions will be guided by the Indian G20 Presidency’s theme of ‘One Earth, One Family, One Future’. The Finance Track will hold approximately 40 meetings throughout India. The G20 Leaders’ Declaration will ultimately reflect the discussions in the G20 Finance Track.
In India’s G20 Presidency, increasing support for countries in need and reflecting the concerns and aspirations of developing nations will be at the forefront of the G20’s efforts. According to the press release, the Ministry of Finance and the Reserve Bank of India will steer the G20 Finance Track agenda to address today’s global economic needs and prepare for a better tomorrow.”