India to have complete have a look at international debt state of affairs in G20 Working Group assembly

Express News Service

CHANDIGARH: The first G20 International Financial Architecture Working Group assembly underneath India’s presidency shall be held on January 30 and 31 the place individuals will have a complete have a look at the worldwide debt state of affairs.

The assembly will talk about methods to boost the steadiness and cohesion of worldwide monetary structure, in addition to handle the worldwide challenges of the twenty first century. The assembly may also concentrate on exploring methods to offer most assist to poor and weak international locations.

Talking to the media Anu P Mathai Adviser, Trade Policy Division, Department of Commerce stated, “this working group deals with issues related to international financial architecture such as global financial safety net (GFSN), matters related to development finance,  managing debt vulnerabilities and enhancing debt transparency, capital flow management and promoting local currency bond markets.”

“Debt is a big part of the agenda of this working group and especially with the pandemic the debt distress has got aggravated so during the pandemic one major step that was taken so to defer the debt re-payment of the very poor countries so that was something called the debt suspension service initiative so that was intimated during the Saudia Arabia presidency of the G-20 in 2020 from that it moved on to the common treatment of debt repayment that was extended and it was attempted how to restructure the debt of the very poor countries along with it the transparency of debt has also become very important that is another aspect which is being looked into,” she stated.

She added, “Under the Indian presidency how to deal with debt and how to handle debt treatment in a better way, some of these initiatives have not worked well as they were supposed to. So under the Indian presidency, there will be a comprehensive look at the global debt situation and the idea is to bring out a report on what has worked and what has not worked and how it can be improved. Debt continues to be a major part of the agenda.”

“The International Financial Architecture Working Group is one of the important work streams under the G20 Finance Track with a focus on strengthening international financial architecture. It also aims to address multiple challenges faced by vulnerable countries. Approximately 100 delegates from across the G20membership, Invitee countries and International Organizations will be arriving in Chandigarh to participate in the two-day meeting,” stated Mathai.

She stated, “During the course of India’s G20 Presidency, this Working Group will meet again in March, June, and September to continue discussions on the priorities set under the Indian Presidency. Discussions from the International Financial Architecture Working Group meeting will further inform the G20 Finance Ministers and Central Bank Governors (FMCBG) on the key deliberations on related priorities under India’s G20 Finance Track. The first meeting of the G20 Finance Ministers and Central Bank Governors is scheduled to be held on February 24 and 25 in Bengaluru.”

On the sidelines of this assembly, on January 30 a G20 facet occasion titled ‘Central Bank Digital Currencies (CBDCs): Opportunities and Challenges’ may also be held. The occasion is aimed toward sharing nation experiences and growing a deeper understanding of the macroprudential implications of CBDCs.

In the run-up to this assembly, a variety of occasions have been held throughout the town of Chandigarh for rising ‘Jan-Bhagidari’ and producing curiosity within the G20 occasions underneath the Indian Presidency.  A seminar on “Central Bank Digital Currencies: The Indian Story” was additionally held on January 25, 2023, in Chandigarh. These occasions are aimed toward creating consciousness of the G20 Indian Presidency in 2023 and its theme “VasudhaivaKutumbakam” or “One Earth – One Family – One Future.”

The assembly shall be inaugurated by Minister of Agriculture and Farmers Welfare, Narendra Singh Tomar, and Minister of Food Processing Industries, Pashupati Kumar Paras.

The discussions through the two-day assembly shall be collectively steered by the Ministry of Finance and the Reserve Bank of India together with France and Korea who’re the Co-chairs of the International Financial Architecture Working Group.

CHANDIGARH: The first G20 International Financial Architecture Working Group assembly underneath India’s presidency shall be held on January 30 and 31 the place individuals will have a complete have a look at the worldwide debt state of affairs.

The assembly will talk about methods to boost the steadiness and cohesion of worldwide monetary structure, in addition to handle the worldwide challenges of the twenty first century. The assembly may also concentrate on exploring methods to offer most assist to poor and weak international locations.

Talking to the media Anu P Mathai Adviser, Trade Policy Division, Department of Commerce stated, “this working group deals with issues related to international financial architecture such as global financial safety net (GFSN), matters related to development finance,  managing debt vulnerabilities and enhancing debt transparency, capital flow management and promoting local currency bond markets.”

“Debt is a big part of the agenda of this working group and especially with the pandemic the debt distress has got aggravated so during the pandemic one major step that was taken so to defer the debt re-payment of the very poor countries so that was something called the debt suspension service initiative so that was intimated during the Saudia Arabia presidency of the G-20 in 2020 from that it moved on to the common treatment of debt repayment that was extended and it was attempted how to restructure the debt of the very poor countries along with it the transparency of debt has also become very important that is another aspect which is being looked into,” she stated.

She added, “Under the Indian presidency how to deal with debt and how to handle debt treatment in a better way, some of these initiatives have not worked well as they were supposed to. So under the Indian presidency, there will be a comprehensive look at the global debt situation and the idea is to bring out a report on what has worked and what has not worked and how it can be improved. Debt continues to be a major part of the agenda.”

“The International Financial Architecture Working Group is one of the important work streams under the G20 Finance Track with a focus on strengthening international financial architecture. It also aims to address multiple challenges faced by vulnerable countries. Approximately 100 delegates from across the G20membership, Invitee countries and International Organizations will be arriving in Chandigarh to participate in the two-day meeting,” stated Mathai.

She stated, “During the course of India’s G20 Presidency, this Working Group will meet again in March, June, and September to continue discussions on the priorities set under the Indian Presidency. Discussions from the International Financial Architecture Working Group meeting will further inform the G20 Finance Ministers and Central Bank Governors (FMCBG) on the key deliberations on related priorities under India’s G20 Finance Track. The first meeting of the G20 Finance Ministers and Central Bank Governors is scheduled to be held on February 24 and 25 in Bengaluru.”

On the sidelines of this assembly, on January 30 a G20 facet occasion titled ‘Central Bank Digital Currencies (CBDCs): Opportunities and Challenges’ may also be held. The occasion is aimed toward sharing nation experiences and growing a deeper understanding of the macroprudential implications of CBDCs.

In the run-up to this assembly, a variety of occasions have been held throughout the town of Chandigarh for rising ‘Jan-Bhagidari’ and producing curiosity within the G20 occasions underneath the Indian Presidency.  A seminar on “Central Bank Digital Currencies: The Indian Story” was additionally held on January 25, 2023, in Chandigarh. These occasions are aimed toward creating consciousness of the G20 Indian Presidency in 2023 and its theme “VasudhaivaKutumbakam” or “One Earth – One Family – One Future.”

The assembly shall be inaugurated by Minister of Agriculture and Farmers Welfare, Narendra Singh Tomar, and Minister of Food Processing Industries, Pashupati Kumar Paras.

The discussions through the two-day assembly shall be collectively steered by the Ministry of Finance and the Reserve Bank of India together with France and Korea who’re the Co-chairs of the International Financial Architecture Working Group.