G20 discusses ways to strength global financial safety

Working group emphasises on making collaborative efforts towards building a more stable and resilient global economy…reports Asian Lite News

A key G20 working group on finance on Tuesday deliberated on strengthening international financial safety and managing global debt vulnerabilities with participants at a meeting here also emphasizing on making collaborative efforts for building a more stable and resilient global economy.

The two-day meeting of the third G20 International Finance Architecture Working Group (IFAWG), co-chaired by South Korea and France, began near Panaji in Goa with more than 100 delegates from member countries and various international organisations taking part in the gathering.

India currently holds the presidency of Group of 20 (G20), which is an intergovernmental forum of the world’s major developed and developing economies, and has been holding meetings of various working groups in states and Union territories.

A senior official said the third IFA Working Group had an exciting start as leaders discussed vital topics like strengthening global financial safety net. Issues like the International Monetary Fund’s Special Drawing Rights (SDR) allocation and managing global debt vulnerabilities were also discussed during the meeting, he said.

The working group emphasized on making collaborative efforts towards building a more stable and resilient global economy, said the official. The session saw a crucial dialogue on managing global debt vulnerabilities.

The delegates discussed strategies to address and mitigate debt risks in the international financial system, he said. The working group also delved into the issue of strengthening global financial safety net, a vital framework of measures that aims to provide financial assistance and stability to countries during an economic crisis, said the official.

The meeting is being attended by more than 100 delegates from G20 member countries and various international organizations. IFAWG deals with issues related to international financial architecture, development finance, managing debt vulnerabilities and enhancing debt transparency, capital flow management and promoting local currency bond markets.

G20 comprises 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 READ-India floats G20 Delhi declaration to prevent cybercrime