G20 International Financial Architecture Working Group meeting on Monday

The first G20 International Financial Architecture Working Group meeting will start on Monday, where participants will discuss ways to enhance stability and cohesion of the global financial architecture and how to make it fit to address the global challenges of the 21st century.

The meeting will also focus on exploring ways to provide maximum support to poor and vulnerable countries, Anu P Mathai, economic advisor, department of Economic Affairs, told the media here on Sunday.

Around 100 delegates from the G20 countries, invitee countries and international organisations will be participating in the two-day meeting.

Union Minister of Agriculture and Farmers Welfare Narendra Singh Tomar and Minister of Food Processing Industries Pashupati Kumar Paras will inaugurate it, she said.

Discussions during the meeting will be jointly steered by the ministry of finance and the Reserve Bank of India along with France and Korea who are the co-chairs of the International Financial Architecture Working Group.

"The meeting will discuss ways to enhance the stability and cohesion of the international financial architecture and how to make it fit for addressing the global challenges of the 21st century," she said.

On the sidelines of the meeting on Monday, a G20 side event titled 'Central Bank Digital Currencies (CBDCs): Opportunities and Challenges' will also be held.

The event is aimed at sharing countries' experiences and developing a deeper understanding of the macro prudential implications of CBDCs, she said.

India assumed the G20 presidency for one year on December 1, 2022. The G20, or Group of 20, is an intergovernmental forum of the world's major developed and developing economies.

It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Indonesia, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union (EU).