The Third G20 Finance Ministers and Central Bank Governors (FMCBGs) meeting, held during the Indian G20 Presidency, is slated to occur in Gandhinagar, Gujarat from July 17th to 18th, 2023. The meeting will be co-chaired by Smt. Nirmala Sitharaman, the Union Finance and Corporate Affairs Minister, and Dr. Shaktikanta Das, the Governor of the Reserve Bank of India (RBI). Attendees at the 3rd G20 FMCBG meeting will include Finance Ministers and Central Bank Governors from G20 member countries, guest nations, as well as heads of International Organizations. With a total of 520 participants representing 66 delegations, the event will facilitate extensive discussions and collaborations.
The 3rd G20 FMCBGs Meeting: Reviewing Progress and Guiding the Future of the G20 Finance Track
The 3rd gathering of the G20 FMCBGs signifies the culmination of efforts made across multiple workstreams of the G20 Finance Track in 2023, building upon the mandate established during the initial G20 FMCBG meeting held in February 2023 in Bengaluru. The primary focus of this meeting will be to deliberate on the outcome document, which encapsulates the progress achieved in various workstreams of the G20 Finance Track and provides guidance from the FMCBGs regarding the path ahead. The meeting will be structured into five thematic sessions encompassing Global Economy and Global Health, Sustainable Finance and Infrastructure, International Financial Architecture, International Taxation, and Financial Sector & Financial Inclusion.
Key Deliverables: Advancements in MDBs, Debt Treatment, Crypto-Asset Regulation, Financial Inclusion, and Future City Financing
The Ministers and Governors will be presented with several significant outcomes, including Volume 1 of a Report from the G20 Independent Expert Group on Enhancing MDBs, advancements in debt treatment for nations under the Common Framework, a guidance note for establishing a globally coordinated framework for regulating and supervising crypto-assets, recommendations for promoting financial inclusion and productivity gains through Digital Public Infrastructure (DPI) to ensure access to financial services for underserved populations, and Principles for Financing Future Cities, among other important deliverables.
G20 Side Events: Promoting Infrastructure Investment, Addressing Tax Issues, and Exploring Crypto Assets
A series of G20 events have been scheduled on the sidelines of the main meeting to engage the attending Ministers, Governors, Deputies, and delegates. These events encompass an Infrastructure Investors’ Dialogue centered around leveraging funding and financing mechanisms for future cities, a High-Level Tax Symposium focused on combating tax evasion, corruption, and money laundering, a Roundtable Discussion dedicated to crypto assets, a Roundtable dedicated to the G20 Expert Group’s report on enhancing MDBs (Multilateral development banks), and workshops addressing the interlinking of fast payment systems (FPS) and the pursuit of growth-friendly climate action and financing for emerging and developing economies.
Key takeaways for competitive examinations
- Chief Minister of Gujarat: Bhupendrabhai Patel