Third G20 FMCGB meeting to have five thematic areas: Department of Economic Affairs Secy

New Delhi [India], June 13 : The third Finance Ministers and Central Bank Governors (FMCBGs) meeting under India's G20 presidency set to be held in Gujrat's Gandhinagar on July 17-18, and it will be chaired by Finance Minister Nirmala Sitaraman and Reserve Bank of India Governor Shaktikanta Das, Secretary, Department of Economic Affairs, Ajay Seth, said on Wednesday. 

Speaking in a video message on Wednesday, Ajay Seth said that more than 520 delegates, including ministers, governors and deputies are expected to participate in the meetings. He further said that the meeting of the Governors and Finance Ministers has been organized in five thematic areas. 

"It is expected that more than 520 delegates, including ministers, governors, deputies across 66 delegations will be participating in these meetings spread over five days. The meeting of the Governors and Finance Ministers has been organized in five thematic areas first - global Economy and Global Health, second - sustainable finance and infrastructure, third- international financial infrastructure, fourth - international Taxation and fifth financial Sector issues and financial inclusion. During the course of these sessions, several deliverables will be presented honourable Ministers and Governors," Ajay Seth said.  

He noted that the first meeting of the Finance Ministers and Central Bank Governors was held in Bengaluru in February 2023. He said that a number of priorities were identified and approved by the ministers and governors. He said that work has been completed in various workstreams involving the participation from all G20 nations and international organisations. 

Ajay Seth said, "The culmination of those works in the form of reports, findings will be presented to Ministers and governors. Their guidance will be obtained and several of those reports will be approved as the way forward."

"Prior to this meeting on 14th and 15 July, a meeting of the Deputies from the Finance Ministries and central banks of G20 countries and invited countries and international organizations will be held. Primarily, the Deputies will be discussing first the various deliverables and also the draft outcome document expected at the end of the Ministers and Finance and the Governor's meeting," he added. 

He said that some of the key deliverables include volume 1 of the Report of the G20 Independent Expert Group on strengthening multilateral development banks. He further said, "The second key deliverable is expected to be progress on debt treatment for countries under the common framework which are facing debt vulnerabilities."

"Third key deliverable is expected to be a guidance note for developing a globally coordinated framework for regulation and supervision of crypto assets. Fourth key deliverable is expected to be recommendation on advancing financial inclusion and productivity gains by using digital public infrastructure. And the fifth one is on principles for financing Cities of Tomorrow," Ajay Seth said. 

In his video message, Ajay Seth said that a number of events have been planned on the sidelines of these meetings. He said that side events that have been planned include an infrastructure investor dialogue on leveraging funding and financing mechanisms and approaches for cities of tomorrow, a high-level tax symposium on combatting tax division, corruption and money laundering. 

Seth further informed that a roundtable on crypto assets, a round table on report of the G20 expert group on strengthening MDB and two workshops will be organized on the sidelines of these meetings. He further said that cultural programs and excursions have been planned for the finance ministers, governors and their delegations.

"First workshop on interlinking fast payment systems and achieving and the second workshop is on achieving growth friendly climate action and financing for emerging and developed economies," Ajay Seth said. Notably, India assumed the G20 Presidency on December 1. The theme of India’s G20 Presidency is “Vasudhaiva Kutumbakam” or “One Earth One Family One Future.”