Addressing the first Finance Ministers and Central Bank Governors (FMCBGs) meeting under India’s G20 Presidency, Prime Minister Narendra Modi on Friday said it is up to FMCBGs to bring back stability, confidence and growth of global economy. He also said Indian consumers and producers are optimistic and confident about the future.
The First G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the G20 Indian Presidency is taking place on February 24-25, 2023, in Bengaluru, Karnataka. Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das will jointly chair this meeting.
“Over the past few years, we’ve created a highly secure, trusted and efficient public digital infrastructure. Our Digital payments ecosystem has radically transformed governance, financial inclusion & ease of living,” PM Modi said at the G20 Finance Ministers’ & Central Bank Governors’ Meeting.
Modi said there is a need to collectively work to strengthen multilateral development banks for many global challenges, like climate change.
He added that the COVID-19 pandemic has delivered a once-in-a-century blow to the global economy. Many countries, especially developing economies, are still coping with its after-effects. We are also witnessing rising geo-political tensions in different parts of the world. There are disruptions in global supply chains. Many societies are suffering due to rising prices. And, food and energy security have become major concerns across the world. Even the financial viability of many countries is threatened by unsustainable debt levels. Trust in international financial institutions has eroded. This is partly because they have been slow to reform themselves.
“It is now up to you – the custodians of the leading economies and monetary systems of the world to bring back stability, confidence and growth to the global economy. It is not an easy task,” the prime minister said.
He added that Indian consumers and producers are optimistic and confident about the future. We hope that you will be able to transmit the same positive spirit to the global economy. “During our G20 presidency, we have created a new Fintech platform, which allows our global G20 guests to use India’s path-breaking digital payment platform UPI.”
The 1st G20 FMCBG meeting under the G20 Indian Presidency during February 24-25 will see the participation of finance ministers and central bank governors of the G20 members, invitee members and heads of international organisations. In total, there will be 72 delegation attending the meeting.
The Indian Presidency has designed the meeting agenda in a manner that can foster a meaningful exchange of ideas among Ministers and Governors on pragmatic and meaningful approaches to address some of the key global economic issues.
The meeting will be spread over three sessions on February 24th-25th, covering issues such as strengthening multilateral development banks to address shared global challenges of the 21st century, financing for resilient, inclusive and sustainable ‘cities of tomorrow’, leveraging Digital Public Infrastructure (DPI) for advancing financial inclusion and productivity gains. The sessions will also cover issues related to global economy, global health, and international taxation.
The discussions in the G20 FMCBG meeting are intended to provide a clear mandate for the various workstreams of the G20 Finance Track in 2023.
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