Third meeting of the G20 working group on the international financial architecture concluded

The third meeting of the G20 International Financial Architecture Working Group (IFA WG), chaired by India, concluded in Goa. The two-day meeting was attended by around 100 delegates from G20 member countries, invited countries and various international organisations, including multilateral development banks. This was reported on the official website of the Government of India.

The meeting discussed in detail the key priority areas of the WG IFA, which include strengthening multilateral development banks to address common global challenges; strengthening the global financial safety net (GFSN); and enhancing financial resilience through permanent capital flows.

Members recognised the need to strengthen multilateral development banks to address cross-border challenges. There was a common understanding among members of the urgent need to address debt vulnerabilities and to find pragmatic solutions to strengthen coordinated political action in this regard. Members also discussed how climate change-related policies could affect capital flows and the macro-financial impact of the widespread adoption of central bank digital currencies (CBDCs) on the international monetary system.

The meeting included a workshop on 'Towards a Streamlined Green Transition - Investment Requirements and Risk Management for Capital Flows'.

The discussions at the meeting will help finalise the key deliverables of the IFA WG, which will be presented to the G20 finance ministers and central bank governors (FMCBGs) for endorsement at the meeting scheduled for 17-18 July 2023 in Gandhinagar.

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