The International Financial Architecture (IFA) Working Group deals with issues related to international financial architecture such as global financial safety net (GFSN); matters related to development finance; managing debt vulnerabilities and enhancing debt transparency; capital flow management and promoting local currency bond markets. The working group is co-chaired by South Korea and France.

The 1st International Financial Architecture Working Group Meeting of #G20India in Chandigarh, was held on 30^th & 31st Jan. Around 100 delegates from G20 countries, invitee countries and international organisations participated in the meeting. IFAWG Meeting was inaugurated Minister of Agriculture & Farmers’ Welfare Narendra Singh Tomar & Minister of Food Processing Industries Pashupati Kumar Paras in Chandigarh.

It laid the platform for discussions on ways to enhance the stability & cohesion of the international financial architecture. During the meet, we saw 2 sessions & a side event. The discussions were jointly steered by Ministry of Finance, Government of India and Reserve Bank of India along with France and South Korea who are the co-chairs of the IFAWG. The participants discussed ways to enhance the stability and cohesion of the global financial architecture and how to make it fit to address global challenges of the 21st century.

Session Plan

1. Strengthening Multilateral Development Banks (MDBs) to address shared global challenges of the 21st century

2. IMF's 16th General Review of Quotas (GRQ)

3. The Global Financial Safety Net (GFSN) and following up on IMF's General Special Drawing Rights (SDR) allocation

4. Managing Global Debt Vulnerabilities

5. Strengthening Financial Resilience through sustainable capital flows

On the sidelines, a G20 side event titled 'Central Bank Digital Currencies (CBDCs): Opportunities and Challenges' was also be held. The event aimed at sharing countries' experiences and developing a deeper understanding of the macro prudential implications of CBDCs. As CBDCs evolve, G20 provides a platform for meaningful deliberations on scalability, acceptability & interoperability of these digital currencies.

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