June 6, 2023
2 mins read

G20 meet on financial architecture begins  

The IFAWG is one of the important work streams under the G20 Finance Track with a focus on strengthening international financial architecture…reports Asian Lite News

The third meeting of the International Financial Architecture Working Group (IFAWG) of G20 began in Goa on Tuesday.

He said the meeting, to be held between June 5 to 7, will explore ways to improve the international financial architecture and address the pressing issues faced by the global economy.

The IFAWG is one of the important work streams under the G20 Finance Track with a focus on strengthening international financial architecture.

“The 3rd IFAWG meeting in Goa is a crucial opportunity for G20 to advance the reforms of the International Financial Architecture and address the global challenges of the 21st century. Goa is proud to host this important group and contribute to global financial stability and development,” said Sanjit Rodrigues, the Nodal Officer (G20).

He said that during India’s G20 Presidency, this Working Group has already met twice before.

The first meeting was held in Chandigarh on January 30-31, 2023 while the second meeting was held in Paris on March 30 and 31. These meetings discussed issues about strengthening multilateral development banks and how to address challenges associated with debt, he added.

A Goa government spokesman said the IFAWG is a forum that brings together finance ministers and central bank governors from G20 countries to discuss issues related to international financial architecture. The group was established in 1999 as part of the G20 process and has since played an important role in shaping global economic policy.

The IFAWG has a mandate to promote international financial stability and reduce systemic risks through cooperation among its members. It also aims to strengthen the resilience of the global financial system against various sources of vulnerability such as cyber risks, climate change, and geopolitical tensions across the globe, he said.

One of the areas of focus for the IFAWG is capital flows and strengthening the global financial safety net. At the meeting, the group will also discuss the dynamics of capital flows and the optimal policy response for developing economies, strengthening the global financial safety net and efforts to reinforce financial system resilience against various sources of vulnerability, he added.

ALSO READ-India’s G20 presidency comes at critical moment, says UNDP

Previous Story

G20 nations urged to harness India’s digital assets

Next Story

India floats G20 Delhi declaration to prevent cybercrime

Latest from -Top News

Pakistan FM Due in Bangladesh

During his visit Dar will hold discussions with the Foreign Affairs Advisor Towhid Hossain and also call on Muhammad Yunus…reports Asian Lite News Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar

Balochistan: Where the State Makes People Disappear

The victims include students, journalists, and peaceful protesters, many of whom were abducted from cities such as Karachi and Islamabad….reports Asian Lite News A human rights organisation on Monday revealed that 785

Monsoon Havoc in Pakistan

Since June 26, torrential rains have killed at least 299 people—including 140 children—and injured 715 in Pakistan…reports Asian Lite News Since June 26, torrential monsoon rains have devastated Pakistan, killing at least

Bangladesh’s Dark Turn

With the Awami League outlawed and absent from the electoral fray, a vacuum has emerged — one that has not necessarily been filled with stability….reports Asian Lite News Bangladesh’s political landscape has
Go toTop

Don't Miss

India yet to decide on inviting Zelenskyy for G20

Visiting Deputy Minister of Foreign Affairs of Ukraine says India

G20 an Opportunity for to Showcase India’s Global Leadership

Though Putin is not attending, Foreign Minister Sergey Lavrov will