Ministry of Finance
azadi ka amrit mahotsav g20-india-2023

3rd G20 Finance Ministers and Central Bank Governors (FMCBG) and 3rd G20 Finance and Central Bank Deputies (FCBD) Meetings to be held in Gandhinagar, Gujarat, from tomorrow

Posted On: 13 JUL 2023 6:00PM by PIB Ahmedabad

The Third G20 Finance Ministers and Central Bank Governors (FMCBGs) meeting under the Indian G20 Presidency is scheduled to take place in Gandhinagar, Gujarat during 17-18 July, 2023. Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman and Governor of the Reserve Bank of India (RBI), Dr. Shaktikanta Das, will jointly chair the meeting.

The 3rd meeting of the G20 FMCBGs marks the culmination of the work on many of the key deliverables from the G20 Finance Track in 2023 carried out under various workstreams of the G20 Finance Track based on the mandate received during the first G20 FMCBG meeting held in February 2023 in Bengaluru.

The G20 FMCBG meeting will be preceded by a meeting of G20 Finance and Central Bank Deputies (FCBD) from 14th to 15th July, 2023, co-chaired by Shri Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance, and Dr Michael D. Patra, Deputy Governor, RBI.

The focus of the Deputies’ meeting will be to discuss the outcome document for the consideration of FMCBGs. This outcome document will present the work done under various work streams of the G20 Finance Track and the guidance from the FMCBGs on the way forward.

The 3rd G20 FMCBG meeting will see the participation of Finance Ministers and Central Bank Governors of the G20 members, guest countries, and heads of International Organisations. In total, there will be 520 participants across 66 delegations attending the meeting.

The meeting will be organised into five thematic sessions on 17th-18th July, 2023 covering Global Economy and Global Health, Sustainable Finance and Infrastructure, International Financial Architecture, International Taxation, and Financial Sector & Financial Inclusion. The objective of the 3rd G20 FMCBG is to review the outcomes of the G20 Finance Track and to seek guidance from Ministers and Governors on the way forward.

The key deliverables that will be presented to the Ministers and Governors include Volume 1 of a Report of the G20 Independent Expert Group on Strengthening MDBs; progress in the debt treatment for countries under the Common Framework; a guidance note for developing a globally coordinated framework for the regulation and supervision of crypto-assets; recommendations on Advancing Financial Inclusion and Productivity Gains through Digital Public Infrastructure (DPI) to achieve financial inclusion of the last mile; Principles for Financing Cities of Tomorrow, among others.

On the sidelines of the meeting, a number of G20 events have been planned for the visiting Ministers, Governors, Deputies and other delegates. These include an Infrastructure Investors’ Dialogue on ‘Leveraging Funding and Financing Mechanisms and Approaches for the Cities of Tomorrow’; a High-Level Tax Symposium on ‘Combatting Tax Evasion, Corruption and Money Laundering’; a Roundtable Discussion on Crypto Assets; a Roundtable on the Report of the G20 Expert Group on Strengthening MDBs; Workshops on ‘Interlinking Fast Payment Systems (FPS)’ and ‘Achieving Growth-Friendly Climate Action and Financing for Emerging and Developing Economies’.

A Ratri Bhoj Par Samvad and especially curated cultural programmes will also be organised for the Finance Ministers, Central Bank Governors, and their delegations which will showcase India’s diverse cuisines and culture.

Excursions are also planned on 19th July 2023 for G20 delegates to provide them an opportunity to enjoy the vibrant state of Gujarat. These include guided tours to Ahmedabad City, Patan and Modhera, and the Statue of Unity in Kevadia.

YP/GP/JD



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