India's G20 presidency received strong support for all our priorities

Union Finance Minister Nirmala Sitharaman has said that the key priorities presented under G 20 India Presidency received support from many members during the First G20 Finance Ministers and Central Bank Governors meeting that concluded in Bengaluru on Saturday. Addressing the media, the Finance Minister said that India’s idea to set up an expert panel to prepare a financial mandate on the challenges faced globally was welcomed by the members. The Expert panel will present its report in three months by July. 

The Indian Presidency received strong support on all the key priorities, particularly on strengthening Multilateral Development Banks (MDB) to address global challenges of the 21st century.

- Smt @nsitharaman post #G20 #FMCBG Meeting in Bengaluru. (1/2) @g20org @FinMinIndia pic.twitter.com/4YZC612KCS

— NSitharamanOffice (@nsitharamanoffc) February 25, 2023

The Finance Minister also said that the visit to Indian Institute of Science was considered as time well spent by many members. She informed that the members mentioned that there was a lot to take away from the interaction that the members had with Indian innovators. She also mentioned that India, Indonesia and Brazil shared their success stories on digital payment infrastructure in their respective countries. At the conclusion of the meet, a Chair Summary and outcome document was adopted by the G20 forum. It speaks at length on the way forward on the issues of global debt crisis, multilateral development bank reforms, climate finance, global approach on cryptos, digital public infrastructure, financial inclusion, financing cities of tomorrow and global taxation. As per news agency report, the Group pressed for expeditious resolution of the debt vulnerabilities being faced by low and middle-income countries, including Sri Lanka.