G20 finance track meeting concluded
- The first Finance Track meeting of the G20 grouping is being held in Bengaluru for three days from 13 December.
- The meeting will be jointly hosted by the Ministry of Finance and the Reserve Bank of India.
- These meetings are expected to mark the beginning of discussions on the Finance Track agenda under the Indian G20 chairmanship.
- The finance track is headed by the finance ministers and central bank governors of the G20 countries.
- It provides an effective platform for global economic dialogue and policy coordination.
- Under this, the focus will be on managing global debt vulnerabilities, better financial inclusion, climate action and financing for the Sustainable Development Goals (SDGs), etc.
About the G20
- The G20 group is an informal grouping of 19 countries, representatives of the World Bank and the International Monetary Fund, the European Union.
- Together, G20 members represent more than 80% of world GDP, 75% of international trade, and 60% of the world’s population.
- The finance ministers and central bank governors of the G20 nations meet twice a year, which is also attended by representatives of the World Bank and the International Monetary Fund.
The G20’s functions are divided into two tracks:
- The Finance Track focuses on financial regulation, fiscal issues and currency in all meetings with finance ministers and central bank governors of the G20 group and their representatives.
- Another track under the G20 is the Sherpa Track. The Sherpa Track focuses on a wide range of issues such as political engagement, anti-corruption, development, energy, etc.
Source – The Hindu
