Given that the powerful G-20 was established with the goal of governing the global economy, the Finance Track of the G-20 is older than the Sherpa Track.
Digital Desk: Bengaluru will host the opening session of the Group of Twenty's (G-20) Finance Track under India's chairmanship On Tuesday. It will involve senior finance ministry officials from each member nation's central bank and/or finance ministry (FCBD).
The Ministry of Finance and the Reserve Bank of India will co-host this conference from December 13–15. The first of the Sherpa Track meetings took place in Udaipur earlier this month.
A statement from the Finance Ministry on Sunday highlighted the G20 Finance Track as an effective forum for the discussion of international economic issues and the coordination of policy. The first meeting of central bank governors and finance ministers, which was previously reported, will take place from February 23 to 25 in Bengaluru as well.
Ajay Seth, Secretary, of the Department of Economic Affairs, and Michael D. Patra, Deputy Governor of the Reserve Bank of India, will co-chair the forthcoming gathering of G20 Finance and Central Bank Deputies. The two-day gathering will include participation from their counterparts from G20 member nations as well as various other countries and international organisations that India has invited.
Several of the economic agenda issues are expected to be discussed at the conference, which will also serve to make the pitch for the February gathering of finance ministers and central bank governors.
Reorienting international financial institutions to address common global challenges of the 21st century, financing cities of the future, managing global debt vulnerabilities, promoting financial inclusion and productivity gains, financing for climate action and Sustainable Development Goals (SDG), a globally coordinated approach to unbacked crypto assets, and furthering the international taxation agenda are just a few of the subjects that will be covered.
In order to address common global concerns of the twenty-first century, a panel debate on strengthening multilateral development banks will be held in conjunction with the summit.
There will also be a lecture on the function of central banks in green financing.
Given that the powerful G-20 was established with the goal of governing the global economy, the Finance Track of the G-20 is older than the Sherpa Track.
The Finance Track has five working groups that address topics like regulation of cryptocurrencies and other digital assets, financing of sustainable infrastructure, global taxation, debt levels and sustainability, particularly in low-income countries, multilateral institutions, and cross-border financial crimes.
Nirmala Sitharaman, the minister of finance, has discussed the main themes of the Finance Track. She had previously stated that concepts for the agenda could include financing for climate change and sustainable development, reforms to multilateral institutions, regulation of digital assets, the effects of western central banks' actions on developing economies, the security of food and energy supplies against the backdrop of the European war, and sanctions against Russia and their effects on the world economy.
"I believe we need to comprehend how multilateral organisations and international funding institutions will be improved. Are they going to serve with more vigour, have they become weary, do they have fresher ideas, and are they looking at 21st century methods of maximising the resources they have? Do they know or do they want to bring in bigger resources?" The Finance Minister asked, adding that Prime Minister Narendra Modi has already set the tone of this discussion by pushing for the reform of organisations like the UN, IMF, and World Bank.
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