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India hosts the 1st G20 Finance and Central Bank Deputies (FCBD) meeting under the G20 India Presidency

Bengaluru:15/12/22:The First G20 Finance and Central Bank Deputies Meeting, under the Indian Presidency, was held in Bengaluru, Karnataka, during December 13-14, 2022, under the co-chairship of Secretary, Economic Affairs, Shri Ajay Seth and Deputy Governor, Reserve Bank of India, Dr. Michael Patra.

The meeting saw an enthusiastic gathering of over 160 foreign delegates including Deputies from G20 member countries, invitee countries, and International Organisations. This marks the beginning of the G20 Finance Track under the Indian Presidency.

Over the course of two days, seven discussion sessions and two side events were organised. The delegates were also given a glimpse of the traditional as well as the contemporary culture of Karnataka through a vivid display of different art forms.

The agenda of this meeting was crafted keeping in view the vision given by Prime Minister Shri Narendra Modi and Indian Presidency’s G20 theme.

The meeting was conducted with the aim of seeking the views of G20 members on India’s G20 Finance Track priorities for 2023 across various workstreams. A side event on ‘Strengthening MDBs to Address Shared Global Challenges of the 21st century’ was held on the sidelines of the Deputies meeting.

This event, moderated by Shri Suman Bery, VC NITI Aayog, focused on discussing how MDBs can help countries in addressing trans-boundary challenges. US Finance Deputy, Mr. Andy Baukol and Saudi Arabia’s Finance Deputy, Mr. Ryadh Alkharief along with Director-General of ADB, Mr. Tomoyuki Kimura, and  Prof. Devesh Kapur of John Hopkins University participated as panellists and shared their views on the topic. Another side event on ‘Role of Central Banks in Managing Climate Risk and in Green Financing’ was also held.

Physical presence of most G20 delegations, invitees and international organisations in Bengaluru demonstrates the global commitment to supporting India’s G20 Presidency, particularly amidst the challenging global economic environment.

Reflecting the theme of “Vasudhaiva Kutumbakam” and “One Earth, One Family, One Future”, the discussions focused on issues relating to the global economy and risks, strengthening Multilateral Development Banks (MDBs), managing global debt vulnerabilities, financing climate action and Sustainable Development Goals (SDGs) and building resilient, inclusive and sustainable cities of tomorrow.

During the first session on the global economy and Framework Working Group priorities, G20 members discussed global economic challenges, including global inflation, food and energy insecurity and macroeconomic implications of climate change.

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In the session on International Financial Architecture, delegates deliberated on various issues, including strengthening Multilateral Development Banks (MDBs) and exchanged views on work to be undertaken in 2023 on key topics including global debt distress, capital flows and global financial safety net.

In the infrastructure session, discussions took place on India’s priorities for the Infrastructure Working Group 2023 including “Financing Cities of Tomorrow: Inclusive, Resilient and Sustainable”.

On Sustainable Finance issues, members exchanged views on financing for Sustainable Development Goals (SDGs), including climate action to facilitate the development of a sustainable and resilient global economy.

Substantive discussions were held during the session on International Taxation on the priority areas for 2023, including monitoring the progress of the Two-Pillar Tax Package being developed under the OECD/G20 Inclusive Framework, enhancing tax transparency and multilateral capacity building on taxation.

In the session on Global Health, the G20 Deputies discussed strengthening of the coordination arrangement between Finance and Health Ministries for Pandemic Prevention Preparedness and Response (PPR), including expanding the voice of Low-Income Countries by inviting key Regional Organizations to the discussions.

Financial Sector & Financial Inclusion issues were taken up in the last session of the meeting. The discussions focused on financial sector developments and approaches to advancing Financial Inclusion through a people-centric vision. Delegates also exchanged views on priorities for appropriate financial regulations and ensuring financial stability through a common approach.

Overall, the meeting saw a broad support on the proposed priorities of India’s G20 Finance Track agenda for 2023. Further development of agenda items during the course of the Indian G20 Presidency will be enriched with the views presented by the Finance and Central Bank Deputies representing a wide range of perspectives.

These discussions will pave the way for the First G20 Finance Ministers and Central Bank Governors Meeting which will be held from 23-25 February in Bengaluru, Karnataka.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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