Prior to the First G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the G20 Indian Presidency slated for February 24 and 25, Union Finance Minister Nirmala Sitharaman met with US Treasury Secretary Janet L Yellen today. The views on G20 Finance Track priorities under G20 India Presidency in 2023 were shared by both the leaders.They also discussed their perspectives on strengthening multilateral development banks, crypto assests, and health, beside the just energy transition partnership. The Ministry of Finance said in a tweet, “The two leaders discussed their perspectives on strengthening #MDB (Multilateral Development Banks), #GlobalDebt vulnerabilities, #CryptoAssets, and #health, besides the Just Energy Transition Partnership #JETP and possible takeaways for the two sides.”It said both sides agreed that lessons learnt from the COVID-19 pandemic should not be lost sight of and there is a need for enhancing preparedness for future pandemic type shocks.Earlier, Sitharaman met Italian Minister of Economy and Finance Giancarlo Giorgetti ahead of the meet. Where, Italian Finance Minister has extended his full support for the sucessful G20 India Presidency meet in 2023. “FM said in a tweet that under the leadership of PM Shri @narendramodi, India hosted the Voice of the #GlobalSouthSummit & India would put forth perspectives of the #GlobalSouth. Mr. Giorgetti indicated that Italy would continue to be a bridge between Global North and the Global South.Earlier this week, US Treasury department said announced that US Treasury Secretary Yellen will join with allies in holding Russia accountable for its invasion of Ukraine, and partner with countries to discuss the after effects of the war.In addition to building on the measures the US and other nations have taken to address the global food insecurity that has been made worse by Putins war, this includes communication and coordination among the worlds largest economies on macroeconomic policy, as well as mitigating the impact of Russias unprovoked invasion on driving up global energy prices, including through the price cap on Russian oil and refined product exports, it said.She will also discuss the resilience of the US and global economy including Russias illegal invasion of Ukraine and will highlight the key priorities of the Treasury during the G20 Summit.The statement continued, “This work includes efforts to mobilise increased support and ambition in meeting global emissions reductions, creating urgency and a broad coalition behind the need to evolve multilateral development banks, and highlighting the importance of delivering on the Common Framework to provide debt relief.”The Deputies meet will be followed by first G20 Finance Minister and Central Bank Governors meet which is scheduled to be held on February 24 and 25. The meeting will be chaired by Finance Minister Nirmala Sitharaman and RBI Governor ShaktiKanta Das.The meeting will be covering the issues such as strengthening multilateral development banks to address shared global challenges for 21st century.Nirmala Sitharaman To Attend First G20 Finance Ministers Meet tomorrowThe two-day meeting will begin on February 24 will focus on international taxations, financial sector, global economy, sustainable finance, the finance ministry tweeted.“The 1st #G20 #FMCBG meeting will be spread over two days with Union Finance Minister Smt. @nsitharaman and Shri @DasShaktikanta, Governor @RBI jointly steering the #G20 #FMCBG discussions under #G20 India #FinanceTrack priorities,” the Ministry tweeted.According to the information, Nirmala Sitharaman will hold bilateral discussions with more than 10 countries, including US, Italy, Spain, Indonesia, and the UK besides engaging discussions with representatives of international organisations.The meeting will see participation of Central Bank Governors of G20, Finance Minister and invitee countries, and Heads of various international organisations. Almost 500 foreign delegates have gathered in Bengaluru for the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting.
