G20 Finance Ministers Meet: Draft Communique, Key Reports Expected
A report by G20 Expert Group on strengthening Multilateral Development Banks will be made public on July 18.
A draft outcome document, a report on strengthening multilateral development banks, and progress on debt restructuring are among the expected deliverables from the third G20 Finance Ministers and Central Bank Governors meeting.
The meeting is expected to take place in Gandhinagar from July 14 to 18. The first two days would be a deputies meeting, where discussions on a draft outcome document are expected.
The meeting will touch upon five key areas, said Ajay Seth, secretary at the Department of Economic Affairs, while speaking to the media at the curtain-raiser for the event.
It includes the following:
Global economy and global health.
Sustainable finance and infrastructure.
International financial infrastructure,
International taxation.
Financial sector issues and financial inclusion
"We expect good movement on all five areas," Seth told BQ Prime on the sidelines of the event.
According to Seth, there is also a paper on the macroeconomic risk of the energy transition and work on food and energy insecurity and its implications, which India is expected to move strongly on.
In terms of expected deliverables, he said that the report by the G20 Independent Expert Group on Strengthening Multilateral Development Banks is ready and will be made public on the last day of the event (July 18).
The Expert Group is co-chaired by former 15th Finance Commission Chair NK Singh and Professor Larry Summers, former U.S. Secretary of the Treasury.
India's presidency will also focus on advancing talks around a common framework for the debt treatment of low-income countries.
The common global framework for regulating and supervising crypto assets is also among the discussion points.
"There has to be a minimum common set of regulations in all countries, and a particular jurisdiction based on their risk profile can be more stringent about it; no one is talking about a ban," Seth told BQ Prime.
The common framework will include how to take macroeconomic, financial, and financial integrity risks into the system while allowing for the potential of the technology to play out, Seth said.
Recommendations towards improving financial inclusion and productive gains from Digital Public Infrastructure and principles on financing the cities of tomorrow are also expected to be tabled during the four days, he said.
Before the G20 Finance Ministers and Central Bankers meeting begins, an infra-investor dialogue will take place as a side event on July 16. It will look at leveraging funding and financing mechanisms and approaches for 'Citites of Tomorrow' at GIFT City, Gujarat.
