G20: Third IFAWG meet in Goa aims to give voice to low income nations, Global South, says official

India is making all efforts to curb cyber frauds.

The third International Financial Architecture Working Group (IFAWG) meeting set to begin in Goa on Wednesday will aim to give a voice to low income and developing countries that are not part of G20 and highlight key concerns of the Global South, a senior official said.

Addressing a press conference here, Anu Mathai, Advisor to Department of Economic affairs said the two-day meeting will be steered by the Union Finance Ministry and the Reserve Bank of India and will co-chaired by France and South Korea.

''More than 100 delegates from G20 countries, various international organisations have arrived to take part. During the two day long deliberation, the Indian G20 Presidency strives to give a voice to low-income and developing countries that are not represented at the G20 table and highlight issues of key concern to the Global South,'' Mathai said.

Discussions will also include strengthening the Global Financial Safety Net (GFSN), addressing global debt vulnerabilities, strengthening Multilateral Development Banks (MDBs) to address shared global challenges of the 21st century, strengthening financial resilience through sustainable capital flows, assessing the macro-financial implications of Central Bank Digital Currencies etc, she said.

The discussions in this meeting will further inform the Third G20 Finance Ministers and Central Bank Governors Meeting (FMCBG) meeting scheduled for 17-18 July 2023 in Gandhinagar, Gujarat, she said.

On day one on Tuesday, a high level seminar titled 'Towards Orderly Green Transition – Investment Requirements and Managing Risks to Capital Flows' will be held to facilitate an in-depth discussion on green capital flows and emerging markets (EMs), Mathai said.

Praveen Kumar, director in the Union Finance ministry told PTI one of aspects being looked into under India's G20 presidency was to get economies to prepare for challenges of the future, including cyber security and digital security.

''A side event on cyber security has been organised by a partnering nation. India is making all efforts to curb cyber frauds. Financial literacy is also a big part of the agenda of IFAWG meet involving education of customers about procedures, safeguards,'' he said.

In the run up to the meeting, several 'jan bhagidari' (people's participation) events are being held in Goa, including financial literacy camps, awareness drives, coin mela, walkathon etc.

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