Goa: G20’s meet on financial architecture begins today

PANAJI: The Startup20 engagement working group meeting concluded on Sunday with a collective call to all member nations to build an investment fund to promote startups. Now, attention has turned to the International Financial Architecture Working Group meeting which is being held on the outskirts of the state capital as part of the G20 meetings.
The International Financial Architecture Working Group (IFAWG) is a forum that brings together finance ministers and central bank governors from G20 countries to discuss issues related to international financial architecture. The IFAWG is an important group under the G20 Finance track with a focus on ensuring international financial stability and reduction of systemic risks through cooperation. The group also aims to strengthen the resilience of the global financial system against various sources of vulnerability such as cyber risks, climate change, and geopolitical tensions.
“The third meeting in Goa is a crucial opportunity for the G20 to advance the reforms of the International Financial Architecture and address the global challenges of the 21st century. Goa is proud to host this important group and contribute to the global financial stability and development,” said Sanjit Rodrigues, the state nodal officer for G20.
During the course of India’s G20 presidency, this working group has already met twice before, with the first meeting being held in Chandigarh and the second in Paris.
The meetings focus on strengthening multilateral development banks and how to address challenges associated with debt. The delegates at the meeting will also deliberate on smooth movement of capital between countries and strengthening of the global financial safety net.
The IFAWG meeting is from Monday to Wednesday. More than 250 national and international delegates along with 40+ startups took part in Startup20 Goa meet.
Chair of Startup20 Chintan Vaishnav proposed allocating a substantial sum of 1 trillion dollars for the startup ecosystem by 2030.