G20 update: News from third FMCBG and FCBD meetings in Gandhinagar, India under the Indian G20 Presidency
From 14–18 July, the G20 Finance Ministers and Central Bank Governors (FMCBG) and Finance and Central Bank Deputies (FCBD) groups met in Gandhinagar, India for their third meeting under the Indian G20 Presidency – the last meetings of the groups to finalise deliverables ahead of the G20 Leader’s Summit in New Delhi in September.
The conversations delved deeply into the global economic outlook and risks. Of particular relevance to infrastructure development:
- There was a focus on strengthening Multilateral Development Banks (MDBs). The G20 members endorsed a ‘Roadmap for Implementation of Recommendations of the G20 Independent Review of MDBs’ Capital Adequacy Frameworks (CAF)’.
- There was a focus on the management of global debt vulnerabilities. G20 Members deliberated on how to strengthen multilateral coordination to address debt and facilitate coordinated debt treatment for debt-distressed countries. They welcomed the progress achieved on some cases under the Common Framework, and called for swift and timely resolution of these cases.
- The impacts of the climate crisis were a thread throughout the discussion. The group welcomed the Sustainable Finance Working Group (SFWG) recommendations on mechanisms to support timely and adequate mobilisation of resources for climate finance, with reference to country circumstances.
- The group reiterated its commitment to strengthening the global health architecture for pandemic prevention, preparedness and response (PPR) through enhanced collaboration between Finance and Health Ministries under the Joint Finance and Health Task Force (JFHTF).
In her remarks at the meetings, GI Hub CEO Marie Lam-Frendo provided the Ministers and Governors with a macroeconomic overview of the current state of infrastructure investment, highlighting priorities and decisions governments may need to take at the national and subnational levels.
The G20 FMCBG also concluded its deliberations on the future governance of the GI Hub. We welcome the group’s affirmation of the value created by the GI Hub for the G20 and the broader infrastructure ecosystem since our creation in 2014. We are excited to have reached this important milestone in the evolution of our organisation, as our Board of Directors and key stakeholders now turn their attention to finalising our future governance.
Click to access the G20 Outcome Document and Chair’s Summary of this Third FMCBG meeting under the Indian G20 Presidency.