G20 Finance, Central Bank deputies meet discusses coordination on pandemic prevention preparedness

The ongoing G20 Finance and Central Bank deputies meeting on Wednesday discussed strengthening coordination arrangements between Finance and Health Ministries for pandemic prevention preparedness.

The two-day meeting, which had begun in Bengaluru on Tuesday, was coordinated by India’s Economic Affairs Secretary Ajay Seth and RBI Deputy Governor Michael Patra.

Addressing media persons in Bengaluru, Seth informed that the agenda was designed, keeping in mind India’s G20 presidency theme of Vasudhaiv Kutumbkam.

More than 160 foreign delegates, including deputies from G20 member countries as well as invitee countries and international organisations, participated in the meeting.

Seth said that the members discussed matters related to global economic challenges like inflation, food, and energy security.

He also said that the delegates discussed strategies on work to be done next year on global debt distress, capital flows and climate action, during the meeting.

The members also exchanged views on priorities for appropriate financial regulations, ensuring financial stability, Seth said.

On the issue of cryptocurrency, he said that different countries have taken their own approach to cryptos and a global consensus should be built to ensure better regulation around it.

“Macroeconomic implications of the CBDC is one of the priority issues to be discussed during India’s tenure as G20 President,” Seth added.

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