G20 FinMin Meet in Bangalore

G20 Finance Ministers Calls for Capital Adequacy of Multilateral lenders like World Bank

· Deeply anguished by the tragic loss of life and destruction across south-eastern Turkey and Syria

· We reiterated our national positions as expressed in other fora

· Essential to uphold international law and the multilateral system that safeguards peace and stability.

· October 2022, the global economic outlook has modestly improved. However, global growth remains slow, and downside risks to the outlook persist

· Support the progress towards the 2030 Agenda for Sustainable Development.

· Central banks remain strongly committed to achieving price stability, in line with their respective mandates.

· Inflation expectations remain well anchored and will clearly communicate policy stances to help limit negative cross-country spillovers.

· Central bank independence is crucial to maintaining policy credibility.

· We reaffirm our April 2021 exchange rate commitments.

· Reiterate our commitment to fight protectionism, and encourage concerted efforts for reform of the WTO.

· Food insecurity currently being undertaken by the Food and Agriculture Organization and the World Bank.

· Multilateral Development Banks (MDBs) play a key role in development financing.

· Transboundary challenges and the resultant increase in demand on their lending resources, knowledge support, and for catalysing private investment.

· Look forward to receiving the report of the Expert Group proposed by the G20 Indian Presidency for deliberations on this issue in our third meeting in 2023.

· the G20 Independent Review of MDBs Capital Adequacy Frameworks (CAF) based on updates from MDBs in Spring 2023.

· Concluding report on the 2020 Shareholding Review of the International Bank for Reconstruction and Development (IBRD)

· Global Financial Safety Net with a strong, quota-based, and adequately resourced IMF at its centre.

· USD 100 billion of voluntary contributions for countries most in need.

· Address debt vulnerabilities in low and middle-income countries.

· Conclusion of debt treatment for Chad and call for a swift conclusion of the work on debt treatment for Zambia and Ethiopia.

· Formation of the official creditor committee for Ghana to work on the requested debt treatment.

· We look forward to a swift resolution to Sri Lanka’s debt situation.

· Global Infrastructure Hub (GI Hub) and ask the Infrastructure Working group to finalise the principles to guide the process

· Mobilizing USD 100 billion climate finance per year by 2020 and annually through 2025 to address the needs of developing countries

· Policy mix consisting of fiscal, market and regulatory mechanisms including, as appropriate, the use of carbon pricing and non-pricing mechanisms and incentives, towards carbon neutrality and net zero.

· Strengthening the global health architecture for pandemic prevention, preparedness and response (PPR) through continued collaboration and enhanced dialogue between Finance and Health Ministries under the Joint Finance and Health Task Force (JFHTF).

· Globally fair, sustainable and modern international tax system fit for purpose for the 21st century.

· We urge the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (“Inclusive Framework”) to finalise Pillar One, including the remaining issues so that the Multilateral Convention can be signed in the first half of 2023.

· GloBE Implementation Framework which facilitates implementation of GloBE Rules as a common approach.

· Subject to Tax Rule (STTR) under Pillar Two to allow for its implementation, including through the development of a Multilateral Instrument.

· Strategy on Unleashing the Potential of Automatic Exchange of Information for Developing Countries

· Crypto-Asset Reporting Framework

· Crypto-assets ecosystem, including so-called stablecoins, is closely monitored and subject to robust regulation, supervision, and oversight to mitigate potential risks to financial stability.

· G20 Roadmap to Enhance Cross-border Payments for faster, cheaper, more transparent and inclusive cross-border payments.

· Effective anti-money laundering and counter-terrorism financing regulations and oversight of virtual assets, especially to prevent their use in money laundering and terrorism financing

· FATF’s ongoing initiatives to analyse crowdfunding of terrorism and money laundering and terrorist financing

The 1st G20 Finance Ministers and Central Bank Governors (FMCBG) and 2nd Finance and Central Bank Deputies (FCBD) Meetings were held here in Bengaluru from 22nd-25th February 2023.

Please find the link below of the Chair Summary & Outcome Document of the G20 FMCBG in held in Bengaluru. The Chair Summary & Outcome Document of the G20 FMCBG is significant achievement by G20 under India's Presidency, on subjects ranging from global debt crisis, MDB reforms, climate finance, global approach on cryptos, digital public infrastructure, financial inclusion, financing cities of tomorrow, and taxation.