G20 finance track meeting concluded

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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

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