AMN / WEB DESK
G-20 members have welcomed India’s proposal to set up expert panel for financial mandate on global challenges. The Expert panel will present its report in three months by July. She further said that the Indian negotiation team led by Economic Affairs Secretary Ajay Seth was appreciated by the member countries.
Union Finance Minister Nirmala Sitharaman at a press conference, said that the key priorities presented under G 20 India Presidency received support from many members during the First G20 Finance Ministers and Central Bank Governors meeting that concluded in Bengaluru on Saturday.
Finance Minister said that India’s idea to set up an expert panel to prepare a financial mandate on the challenges faced globally was welcomed by the members. Another successful outcome of the meeting mentioned by the Finance Minister was the common position on debt vulnerability. The minister said that the common language arrived at through consensus will help countries facing debt stress. She also added that an agreement was arrived at to step up the process to come out with a common framework. She mentioned that Saudi Arabia agreed to work on the issue of fuel insecurity, UK and USA agreed to coordinate on crypto assets, China and Saudi Arabia to work on Climate change mitigation financing. She said Japan and the UK extended complete support to the priorities suggested under the India Presidency.
The Finance Minister also said that the visit to Indian Institute of Science was considered as time well spent by many members. She informed that the members mentioned that there was a lot to take away from the interaction that the members had with Indian innovators. She also mentioned that India, Indonesia and Brazil shared their success stories on digital payment infrastructure in their respective countries.
At the conclusion of the meet, a Chair Summary and outcome document was adopted by the G20 forum. It speaks at length on the way forward on the issues of global debt crisis, multilateral development bank reforms, climate finance, global approach on cryptos, digital public infrastructure, financial inclusion, financing cities of tomorrow and global taxation.