2nd Meeting of G20 Finance Ministers and Central Bank

Governors (FMCBG) under the Indian G20 Presidency 12-

13 April 2023, Washington, DC 
1. The second meet ing  of  G20 Finance  Minist ers  and  Cent ral  Bank
Governors (FMCBG) under t he Indian G20 Presidency was held on 12-13
April 2023, on t he margins of t he 2023 Spring Meet ings of t he
Int ernat ional Monet ary Fund and t he World Bank Group .Finance Minist er
of India, Nirmala  Sit haraman  and  Governor,  Reserve  Bank  of  India 
(RBI), Shakt ikant a Das joint ly chaired t he meet ing.The meet ing saw
part icipat ion of around 350 delegat es from G20 members, 13 invit ee
count ries, and various int ernat ional and regional organizat ions.

2. The  meet ing was organised  in t hree  sessions covering  t he Global

Economy,  Int ernat ional  Financial  Archit ect ure,  Sust ainable  Finance,
Financial Sect or, Financial Inclusion,and Int ernat ional Taxat ion. The goal
of t his FMCBG meet ing was t o deliberat e on t he progress made by t he
various workst reams of t he G20 Finance Track on t he deliverables t hat
were t asked t o t hem by t he Minist ers and Governors in t he February G20
FMCBG Chair’s Summary and Out come Document and t o seek guidance
on t he way forward.

3. During t he session on Global Economy and Int ernat ional Financial

Archit ect ure, members discussed t he key challenges t o t he global
economic out look, including t he war in Ukraine, food and energy
insecurit y, climat e change, and recent risks t o financial st abilit y. Members
agreed t hat t he G20 can cont ribut e t o building a common underst anding
on fost eringa conducive 2 environment for global economic recovery,and
ensuringt hat t he most   vulnerable  count ries  and  sect ions  of  t he 
populat ionare adequat ely prot ect ed.

4. Minist ers  and  Governors  also  discussed t he  progress  of  t he

implement at ion of recommendat ions of t he Independent Panel of
MDBs’ Capit al Adequacy Frameworks (CAF). They also shared t heir
expect at ions from t he recent ly  const it ut ed G20  Expert   Groupon 
“St rengt hening Mult ilat eral Development Banks (MDBs)”. On t he debt
agenda, discussions focused on st rengt hening- mult ilat eral coordinat ion
t owards addressing t he increasing debt dist ress  in  low-income  and 
vulnerable  middle-income count ries. Minist ers and Governors reit erat ed
t he need t oswift ly complet e t he ongoing debt t reat ment s under t he
Common Framework and beyond. Discussions also covered t he impact of
climat e change-relat ed policies on capit al flows, among ot hers.

5. During t he second session on Sust ainable Finance, Financial Sect or,

and  Financial  Inclusion,  discussions  focussed  on t he mobilisat ion of
resources for climat e change, t he role of t he mult ilat eral financial
inst it ut ions in cat alysing privat e finance flows for Sust ainable
Development Goals and t he role of t he G20 in scaling up and encouraging
wider adopt ion of social impact   invest ment   inst rument s.  Members 
also  deliberat ed on t he macroeconomic  and  financial  challenges 
posed  by  t he  crypt o-asset s ecosyst em  and  exchanged views  on 
pot ent ial  global  policy  responses  t o crypt o-asset s, t aking int o
account t he risks, especially t o Emerging Market s and Developing
Economies (EMDEs). Onfinancial inclusion, discussions focused 
onleveraging  Digit al  Public  Infrast ruct ure  (DPI)  for  financial inclusion 
and  product ivit y  gains. Minist ers  and  Governors  also shared
perspect ives on t he development of t he 2023 Financial Inclusion Act ion
Plan (FIAP).

6. The  t hird  session  on  Int ernat ional  Taxat ion discussed t he need for
coordinat ed effort s t oward effect ive implement at ion and wider
adopt ion of t he t wo-pillar int ernat ional t ax package. Minist ers shared 
suggest ions  on  how  best   G20  can  complement   global  effort s  t o
enhance t ax  t ransparency.

7  .On t he margins of t he G20 FMCBG sessions, high-level side event s

were also held. A meet ingof t he Global Sovereign Debt Roundt able
(GSDR) was also held on April 12, 2023, which was co-chairedby Hon’ble
Finance Minist er, IMFMD,and World Bank President . The meet ing saw
discussions on t he current global debt landscape and ways t o address
exist ing challenges in debt rest ruct uring. A press st at ement was
released followingt he meet ing and it may be accessed at  
ht t ps://www.imf.org/en/News/Art icles/2023/04/12/pr23117-global-
sovereign-debt -roundt able-cochairs-press-st mt
 .

8. In t he run-up t o t he G20 FMCBG meet ing, t he G20 Finance and Cent ral
Bank Deput ies met wit h t he major MDB son April 12, 2023 t o discuss t he
st at us of implement at ion of recommendat ions of t he G20 Independent
Panel of MDBs’ CAF. These updat es will cont ribut e t o t he preparat ion of
t he G20 Roadmap on CAF which will be one of t he key deliverables of
t he Finance Track under t he Indian G20 Presidency.

9 .The progress achieved during t he 2nd G20 FMCBG meet ing will inform
t he discussions during t he 3rdG20 FMCBG meet ing which will be held in
July 2023 in Gandhinagar, India,and subsequent ly t he Leaders ’Summit
scheduled t o be held in New Delhi on Sept ember 9-10,2023.