The first G20 Finance and Central Bank Deputies (FCBD) meeting held successfully in Karnataka’s Bengaluru on December 13-14.
The meeting marked the beginning of the G20 Finance Track under India’s Presidency, the official release from the Union Finance Ministry stated on Wednesday.
It saw a gathering of over 160 foreign delegates including Deputies from G20 member countries, invitee countries, and International Organisations.
The meeting was conducted with the aim of seeking the views of G20 members on India’s G20 Finance Track priorities for 2023 across various work streams.
Physical presence of most G20 delegations, invitees and international organisations in Bengaluru demonstrates the global commitment to supporting India’s G20 Presidency, particularly amidst the challenging global economic environment, the statement said.
Reflecting the theme of “Vasudhaiva Kutumbakam” and “One Earth, One Family, One Future”, the discussions focused on issues relating to the global economy and risks; strengthening Multilateral Development Banks (MDBs); managing global debt vulnerabilities; financing climate action and Sustainable Development Goals (SDGs); and building resilient, inclusive and sustainable cities of tomorrow.
In the first session — on the global economy and Framework Working Group priorities, G20 members discussed global economic challenges, including global inflation, food and energy insecurity and macroeconomic implications of climate change.
In the session on global health, the G20 deputies discussed strengthening of the coordination arrangement between finance and health ministries for pandemic prevention preparedness and response (PPR), including expanding the voice of low-income countries by inviting key regional organisations to the discussions.
These discussions will pave the way for the first G20 Finance Ministers and Central Bank Governors Meeting which will be held on February 23-25 in Bengaluru.
Over the course of two days, seven discussion sessions and two side events were organised.
The delegates were also given a glimpse of the traditional as well as the contemporary culture of Karnataka through a vivid display of different art forms.