The G20 working group on finance convened on Tuesday to deliberate on strengthening international financial safety measures and managing global debt vulnerabilities. The two-day meeting of the third G20 International Finance Architecture Working Group (IFAWG), co-chaired by South Korea and France, took place in Panaji, Goa, with over 100 delegates from member countries and international organizations in attendance.
India, currently holding the presidency of the G20, facilitated the gathering of various working groups in states and Union territories. The third IFAWG meeting commenced with discussions on crucial topics such as strengthening the global financial safety net. The participants also addressed issues like the allocation of the International Monetary Fund’s Special Drawing Rights (SDR) and managing global debt vulnerabilities.
READ | NCSC Proposes ‘Delhi Declaration’ For G20 Nations To Safeguard Cyber Peace, Cooperation
Collaborative Efforts For Stable And Resilient Global Economy
The working group emphasized the importance of collaborative efforts in building a more stable and resilient global economy. The participants engaged in vital dialogues on managing global debt vulnerabilities, focusing on strategies to address and mitigate debt risks in the international financial system. Additionally, discussions centred around strengthening the global financial safety net, a framework of measures aimed at providing financial assistance and stability to countries during economic crises.
The meeting of the IFAWG, which deals with issues related to international financial architecture, development finance, debt management, capital flow, and local currency bond markets, drew the participation of more than 100 delegates representing G20 member countries and international organizations.
The G20 consists of Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Indonesia, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkiye, the UK, the US, and the European Union (EU).
ALSO ON ABP LIVE | G20 Health Working Group Discusses Climate Change & Health Impacts, Focuses On One-Health Framework
Subscribe And Follow ABP Live On Telegram: https://t.me/officialabplive