G20 can work on pragmatic solution for global challenges: Minister Anurag Thakur

Highlighting the theme of India’s G20 Presidency -‘Vasudhaiva Kutumbakam’ (one earth, one family, one future), Thakur said that it reflects the importance India places on collaborative efforts to address global challenges. He said the world was facing the lingering effect of the pandemic, issues around food and energy security, inflation, worsening climate change and geo-political tensions.

“The impact of these crises can affect the progress of key developmental paradigm…The G20 can make significant contribution to find pragmatic solutions to these challenges through a focused and thoughtful dialogue and deliberations and the Indian Presidency seeks to actively facilitate this,” the minister said.

The G20 Finance and Central Bank Deputies (FCBD) meeting is being co-chaired by Ajay Seth, secretary, Department of Economic Affairs, and Michael Patra, deputy governor, Reserve Bank of India.

Thakur said the Finance Track was at the core of the G20 process and provides an effective forum for global economic discourse and policy coordination. The main workstreams under Finance Track are global economic outlook and risks, international financial architecture including development finance and global financial safety net, financial inclusion and other financial sector issues, infrastructure development and financing, sustainable finance, global health financing and international taxation.

The  meeting will finalise the communique that will be endorsed by G20 finance ministers and central bank governors during their first meeting under India’s presidency on 24 and 25 February. It will centre around the need for coordination among major economies to address global inflationary challenges and the tough macroeconomic environment. It will cover issues like leveraging digital public infrastructure for advancing financial inclusion and productivity gains, financing resilient, inclusive, and sustainable cities for tomorrow, and strengthening multilateral development banks to address shared global challenges like sustainable development goals.

More than 70 delegations and over 500 delegates including ministers, governors and senior officers from various G20 member countries are expected to participate in the meeting.

There will be discussions on the debt issues faced by some low- and middle-income countries. The two-day meeting will also deliberate on cryptocurrency, infrastructure around the cities, sustainable cities of tomorrow, and financing for them.