Twitter – All India Radio News
In the recent third G20 Finance Ministers and Central Bank Governors (FMCBGs) meeting held in Gandhinagar, Gujarat, under India’s presidency, concerns were raised about the global economic growth being below its long-run average and uneven. The G-20 countries discussed the global economic outlook and risks in-depth, acknowledging the high uncertainty surrounding it. The ministers jointly recognized the risks of tightening global financial conditions leading to increased debt vulnerabilities, persistent inflation, and geoeconomic tensions, with a balance of risks leaning towards the downside. To address this situation, the G20 members emphasized the importance of implementing well-calibrated monetary, fiscal, financial, and structural policies to promote growth, reduce inequalities, and maintain macroeconomic and financial stability.
While most G-20 FMCBGs, excluding Russia and China, adopted the 25-point outcomes of the meeting, there were divergent views on certain topics. China asserted that the G20 FMCBGs meeting was not the appropriate forum for discussing geopolitical issues, particularly the impact of the Ukraine war on the global economy. On the other hand, Russia dissociated itself from the joint common outcome document due to its references to the Ukraine war, international law’s role in upholding peace and stability, and volatility in global food and energy markets.
In addition to the core discussions, a round table discussion titled “Policy Dialogues on Crypto Assets” was conducted on the sidelines of the G20 meeting to enrich ongoing policy work related to crypto assets. Key questions surrounding crypto assets were discussed by FMCBGs, the International Monetary Fund (IMF), Financial Stability Board (FSB), and Financial Action Task Force (FATF).
During the meeting, India’s Finance Minister, Nirmala Sitharaman, engaged in bilateral discussions with her counterparts, fostering dialogue and cooperation. The delegates also participated in cultural programs and experienced Gujarat’s heritage and trade history through excursion events organized by the Government of Gujarat.
The outcomes and discussions from the third G20 FMCBGs meeting will be conveyed to the Leaders for consideration at the G20 Summit scheduled for September 2023 in India. The next G20 FMCBGs meeting is set to take place in October 2023 in Marrakesh, Morocco, on the sidelines of the IMF/WBG annual meetings.
