International Financial Architecture Working Group’s third meeting began on 6 June in Goa under India’s G20 Presidency. Earlier, the first meeting of IFAWG was held in Chandigarh on January 30-31, while the second meeting took place in Paris on March 30-31.
The third meeting is being moderated by the Ministry of Finance, the Reserve Bank of India, France, and the Republic of Korea who are the co-chairs of the IFAWG. The 2-day meeting witnessed deliberations on topics such as cooperation in the resilient global economy and strengthening the global financial safety net. Around 100 delegates from G20 members, invited countries and various international organizations participated in this meeting.
The first day of the meeting began with a high-level seminar on “Towards an Orderly Green Transition – Investment Requirements and Managing Risks to Capital Flows” to facilitate an in-depth discussion on emerging and green capital flows. 3 sessions were organized during this meeting, wherein topics such as making collaborative efforts towards a more stable and resilient global economy, Strengthening the Global Financial Safety Net, Addressing Global Debt Vulnerabilities, Strengthening Multilateral Development Banks (MDBs) to Address Common Global Challenges of the 21st Century, and Strengthening Financial Resilience through Sustainable Capital Flows Issues such as assessing the macro-financial implications of central bank digital currencies were discussed.
Several ‘Jan Bhagidari’ programs are being organized all over Goa, on the sidelines of the meeting. These include financial literacy camps and awareness campaigns, coin fairs, walkathons, cleanliness drives, and a quiz competition. The 3rd IFAWG meeting is an important opportunity for the G20 to advance reforms of the international financial architecture and address the global challenges of the 21st century.
