The third G20 International Financial Architecture Working Group (G20FAWG) is all set to brainstorm on investment requirements, managing risks to capital flows, addressing global debt vulnerabilities, and other key priority areas of the Indian G20 Presidency in Goa on June 6–7. The deliberations during the meeting will be jointly steered by the Finance Ministry and the Reserve Bank of India, along with the G20 FAWG co-chairs, the Republic of Korea and France. The IFAWG, established in 1999 as part of the G20 process, is a forum that brings together finance ministers and central bank governors from G20 countries to discuss issues related to international financial architecture.
The G20FAWG meeting and discussions are a build-up to the Third G20 Finance Ministers and Central Bank Governors Meeting (FMCBG) meeting scheduled for 17-18 July 2023 in Gandhinagar, Gujarat. The first meeting was held in Chandigarh on January 30-31, 2023, while the second meeting was held in Paris on March 30 and 31. These meetings discussed issues about strengthening multilateral development banks and how to address challenges associated with debt. The IFAWG has a mandate to promote international financial stability and reduce systemic risks through cooperation among its members
Moreover, approximately 100 delegates from G20 members, invitee countries and various international organizations will deliberate for two days on critical issues that include strengthening the global financial safety net (GFSN), strengthening the Multilateral Development Banks (MDBs) to address shared global challenges of the 21st century, strengthening financial resilience through sustainable capital flows and assessing the macro-financial implications of central bank digital currencies, among others.
The deliberations are aimed to serve the Indian G20 Presidency objective to give voice to low-income and developing countries that are not represented at the G20 table and highlight issues of key concern to the Global South. Another important topic for this meeting is “orderly green transition and investment requirements and managing risks to capital flows” for which a high-level seminar will be held on 6 June to facilitate an in-depth discussion on green capital flows and emerging markets involving experts from various international organizations and institutions.