The 3rd International Financial Architecture Working Group meeting begins in Goa
BY PUJA MISHRA
Goa ,June 8 : U nder India’s G20 Presidency, the 3rd International Financial Architecture Working Group meeting begins in the vibrant State of Goa. The meeting is being moderated by the Ministry of Finance, the Reserve Bank of India,France, and the Republic of Korea who are the co-chairs of the IFAWG. The two-day meeting witnessed deliberations on topics such as cooperation in the resilient global economy and strengthening the global financial safety net. Around 100 delegates from G20 members, invited countries and various international organizations participated in this meeting.
The first day of the meeting began with a high-level seminar on “Towards an Orderly Green Transition – Investment Requirements and Managing Risks to Capital Flows” to facilitate an in-depth discussion on emerging and green capital flows. Thereafter, discussions on issues like, strengthening the global financial safety net, SDR allocation to the International Monetary Fund, and managing global debt vulnerabilitiestook place.
3 sessions were organized during this meeting, wherein topics such as making collaborative efforts towards a more stable and resilient global economy, Strengthening the Global Financial Safety Net, Addressing Global Debt Vulnerabilities, Strengthening Multilateral Development Banks (MDBs) to Address Common Global Challenges of the 21st Century, and Strengthening Financial Resilience through Sustainable Capital Flows Issues such as assessing the macro-financial implications of central bank digital currencies were discussed.Experts from various international organizations and institutions shared their views during the seminar.
On the sidelines of this meeting, several ‘Jan Bhagidari’ programs are being organized all over Goa. These include financial literacy camps and awareness campaigns, coin fairs, walkathons, cleanliness drives, and a quiz competition. These events aim to create awareness about India’s G20 presidency and its theme “Vasudhaiva Kutumbakam” or “One Earth – One Family – One Future”.
The 3rd IFAWG meeting is an important opportunity for the G20 to advance reforms of the international financial architecture and address the global challenges of the 21st century.
Earlier, the first meeting of IFAWG was held in Chandigarh on January 30-31, 2023, while the second meeting took place in Paris on March 30 and 31. In these meetings, issues related to strengthening multilateral development banks and dealing with debt-related challenges were discussed.
