Kochi: June 12, 2023

 

The Third G20 Framework Working Group (FWG) meeting under the Indian G20 Presidency is scheduled to take place in Kochi from June 13 to 14, 2023. Dr V Anantha Nageswaran, Chief Economic Adviser, Union Ministry of Finance, and acting Co-chair Mr Tom Hemingway, Deputy Director, HM Treasury, UK, will jointly chair the meeting. More than 75 delegates from G20 member countries, invitee countries and various international and regional organisations will participate in the meeting.

The G20 FWG focuses on global macroeconomic issues of current relevance. As per the mandate received from G20 Finance Ministers and Central Bank Governors in February 2023, the group has been deliberating on the macroeconomic implications of food and energy insecurity, macroeconomic risks arising from climate change and transition policies and other risks to the global economy such as inflation, financial globalisation, and financial stability.

In the upcoming meeting, detailed deliberations will be held on the current global economic outlook based on presentations from international organizations such as the IMF and World Bank. The Group will also deliberate on draft G20 Reports on the macroeconomic implications of food and energy insecurity and on the macroeconomic impact of climate change and transition pathways. The objective is to develop a shared understanding of the policy experiences of member countries in tackling macroeconomic implications of food & energy insecurity as well as climate change & transition pathways. They will also attempt to explore areas where global cooperation can help support the domestic efforts of countries.

A G20 panel discussion on “Financial Globalisation - Opportunities and Risks” will be held on the side-lines of this meeting. The panel will be moderated by Prof. Eswar Prasad of Cornell University and will have panellists of repute.  The panel discussion is meant to develop a collective understanding among the G20 membership regarding the dynamics of macroeconomic policy challenges facing countries in the context of financial globalisation.

On the margins of the meeting, the Reserve Bank of India will host a number of Jan Bhagidari events to make G20 discussions more inclusive and people-centric. This includes a series of events on financial literacy, an awareness programme on the G20, a painting competition, slogan writing, and a note exchange mela, among others, targeted at the general public, students and self-help groups.

 Events have also been planned to provide an opportunity for the delegates to enjoy the captivating natural beauty and cultural heritage of Kochi. Visits have been planned to Dutch Palace, Paradesi Synagogue and St. Francis Church. The delegates will also be provided with an experience of the delectable cuisine of Kerala.

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(Release ID: 1931762)