Chandigarh to host G20 International Financial Architecture Working Group Meeting on January 30-31

The first G20 International Financial Architecture Working Group meeting under the G20 Indian Presidency will be held in Chandigarh on January 30 and 31.

The International Financial Architecture Working Group is one of the important workstreams under the G20 Finance Track with a focus on strengthening the international financial architecture. It also aims to address multiple challenges faced by vulnerable countries.

According to an official G20 press release, the meeting will discuss ways to enhance the stability and cohesion of the international financial architecture and how to make it fit for addressing the global challenges of the 21st century.

The meeting will also focus on exploring ways to provide maximum support to poor and vulnerable countries.

The discussions during the two-day meeting will be jointly steered by the Ministry of Finance and the Reserve Bank of India along with France and Korea who are the Co-chairs of the International Financial Architecture Working Group.

About 100 delegates from G20 Members, Invitee Countries, and International Organizations will be arriving in Chandigarh to participate in the two-day meeting.

During the course of India’s G20 Presidency, this Working Group will meet again in March, June, and September this year 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 G20 press release noted.

The first meeting of the G20 Finance Ministers and Central Bank Governors is scheduled to be held on February 24-25 in Bengaluru.

The G20 International Financial Architecture Working Group meeting in Chandigarh will be inaugurated by Union Minister of Agriculture and Farmers Welfare Narendra Singh Tomar and Union Minister of Food Processing Industries Pashupati Kumar Paras.

On the sidelines of this meeting, on January 30, a G20 side event titled ‘Central Bank Digital Currencies (CBDCs): Opportunities and Challenges’ will also be held. The event is aimed at sharing country experiences and developing a deeper understanding of the macroprudential implications of CBDCs.

In the run-up to this meeting, a number of ‘Jan-Bhagidari’ events have been held across Chandigarh. A seminar on “Central Bank Digital Currencies: The Indian Story” was also held on January 25, 2023 in Chandigarh. These events are aimed at creating awareness of the G20 Indian Presidency in 2023 and its theme “Vasudhaiva Kutumbakam” or “One Earth - One Family - One Future”.