Meeting of International Financial Architecture Working Group of G-20 inaugurated
Under the chairmanship of India, the group will try to find out how to better equip the multilateral development banks, the major catalysts of development, to meet the global challenges of the 21st century
New Delhi: Union ministers Narendra Singh Tomar and Pashupati Kumar Paras inaugurated the meeting of the first International Financial Architecture Working Group of G-20.
Addressing the occasion, Tomar said that India was developing rapidly with science and innovation, both deeply connected with the future of India. “We have leveraged technology to create the digital public infrastructure. We have been a significant contributor to financial inclusion in global healthcare and the move to sustainable energy while people-centric development is the basis of our national strategy.”
He added that this philosophy was similar to the theme of India’s G-20 Presidency, – ‘One Earth, One Family, One Future’.
Tomar said that the world today was facing many complex challenges, which are deeply interlinked and are not defined by boundaries alone. “The challenges being faced are global in nature and require global solutions. The world today needs to push more towards globally coordinated policies and actions. There is also a need for a renewed faith in multilateralism.”
Tomar added that India was fully committed to democracy and multilateralism. “We are poised to demonstrate not only multidimensional development but are also ready to display universally recognized power. At the recently held World Economic Forum meeting, India was described as a beacon in a fragile world. India’s commitment to climate goals and return to the post-Covid development path has been lauded by one and all.”
He said that India is ready to fulfil the responsibility given to it. “We will be happy to share our template of the development model. We also look forward to learning from all. Through our priorities and outcomes this year, through deliberations, we aim to find practical global solutions. In doing so, we also take a keen interest in amplifying the voice of the developing countries.”
Tomar said that the International Financial Architecture Working Group has taken noteworthy measures to alleviate rising insecurity over credit flow. “The growing momentum regarding efforts will continue during India’s chairmanship in 2023. The group will also consider how we can leverage the group’s comfortable position to redesign global and financial governance. Under the chairmanship of India, the group will try to find out how to better equip the multilateral development banks, the major catalysts of development, to meet the global challenges of the 21st century.”
Union minister Paras in his address said that India’s effort is to facilitate constructive dialogue, create, share knowledge and share the collective aspiration for a secure, peaceful and prosperous world. “During India’s presidency of the G-20, it is our responsibility to advance progress and ensure that the international financial architecture today is well equipped to meet the acute challenges and provide maximum support to vulnerable groups.”
He added that this working group is committed to meeting the challenges of the new world order. “To enhance their contribution to development financing towards meeting the development goals, this group will explore options to strengthen the multilateral organizations. It is imperative to urgently identify such systems that enable the financial assistance provided by international financial institutions is effectively responsive to the needs. This is important for the low income and developing countries, as they are the major beneficiaries of these resources.”
Paras said that the countries most affected by rising debt, again are the low-income countries and most are the middle-income countries. “The Working Group can deliberate upon how policy initiatives can address the worsening credit situation. It is the hope that with a diverse array of eminent experts from around the world, the International Financial Architecture Working Group is better poised in coordinating the G20 efforts towards developmental financing, supporting vulnerable countries, maintain financial stability and achieve the goal of ‘One Earth, One Family, One Future’.”
The meeting was attended by IFA co-chairs William Roos (France), Byungsik Jung (South Korea). Additional secretary, finance ministry, Manisha Sinha, and RBI advisor Mahua Rai were among dignitaries present.
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