In its first report, the Indian G20 Presidency-appointed expert group has estimated an additional spending requirement of $3 trillion per year by 2030 to address urgent global challenges and sustainable development goals (SDGs).
Finance Minister Nirmala Sitharaman will chair the fourth G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Marrakech (Morocco) later this week to discuss strengthening Multilateral Development Banks (MDBs), the global economy and crypto assets agenda.
Sitharaman will leave for Marrakech on Tuesday to attend the annual IMF-World Bank meetings and the FMCBG meeting from October 11 to 15. During the FMCBG meeting, Volume 2 of the Report on strengthening MDBs by the Independent Expert Group co-convened by N K Singh and Larry Summers will also be released. Volume 1 was released during the 3rd FMCBG held in Gandhinagar, Gujarat.
In its first report, the Indian G20 Presidency-appointed expert group has estimated an additional spending requirement of $3 trillion per year by 2030 to address urgent global challenges and sustainable development goals (SDGs). Of the $3 trillion annual requirement, $ 2 trillion could come from domestic resource mobilization while of the remaining $1 trillion, more than half could come from private financing, and the rest from official financing including MDBs.
Under the G20 India Presidency theme of ‘One Earth’, ‘One Family’ and ‘One Future’, the discussions will continue to build on the key outcomes achieved under the Finance Track of India’s G20 Presidency during the G20 Leaders’ Summit in September 2023 in New Delhi.
The G20 leaders have endorsed a joint report by the IMF and Financial Stability Board (FSB)that has cautioned against a blanket ban on crypto assets to mitigate the risks associated with the sector and recommended targeted restrictions and sound monetary policies.
Sitharaman and Reserve Bank of India Governor Shaktikanta Das will co-chair the fourth FMCBG meeting. G20 FMCBG meeting will witness the participation of 65 delegations from G20 countries, invitee countries, and international organisations in multilateral discussions centred around a broad spectrum of important global issues.
On the sidelines of the fourth G20 FMCBG meeting, Principals from the Indian G20 Presidency, the International Monetary Fund, and the World Bank will co-chair the Global Sovereign Debt Roundtable (GSDR) on October 12, 2023. The Roundtable will discuss the progress made on debt restructuring and explore ways and means to support the work of G20 countries.
“In a high-level event organised by the USA Treasury, Union Finance Minister will engage in a Roundtable Discussion on IMF policy priorities and how the institution should support its membership,” finance ministry said in a statement.
Sitharaman will also participate in a discussion on Partnership for “Resilient and Inclusive Supply-chain Enhancement” (RISE) – with the World Bank Group, organised by the G7 Japan Presidency.
On the margins of the IMF-WB Annual Meetings in Marrakech, Sitharaman will participate in a discussion on macroeconomic outlook during a G7 Africa Ministerial Roundtable.
The minister will also give the keynote address at a session on “MDBs evolution”, co-hosted by German Federal Ministry for Economic Cooperation and Development and the Center for Global Development (CGD).
In the course of her visit, she will also participate in a Roundtable on “Reviving Growth with Inclusivity: Galvanising Private Capital to Support Governments and Multilateral Institutions”.
In another high-level event on the sidelines, Sitharaman will engage in a conversation with the Atlantic Council on India’s economic prospects through 2024 and beyond.
Source:financalexpress.com