G20: 3rd meeting of International Financial Architecture Working Group in Goa

Panaji: The third meeting of the International Financial Architecture Working Group (IFAWG) of G20 will be held in Goa from Monday to Wednesday, an official said.

The meeting will explore ways to improve the international financial architecture and address pressing issues faced by the global economy, he said.

The IFAWG is one of the important work streams under the G20 Finance Track with a focus on strengthening international financial architecture.

"The 3rd IFAWG meeting in Goa is a crucial opportunity for 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 global financial stability and development," nodal officer (G20) Sanjit Rodrigues said on Sunday.

During India's G20 presidency, this working group has already met twice before.

“The first meeting was held in Chandigarh on January 30-31, 2023 while the second meeting was held in Paris on March 30 and 31. These meetings discussed issues about strengthening multilateral development banks and how to address challenges associated with debt,” the official said.

A Goa government spokesman said the 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 group was established in 1999 as part of the G20 process and has since played an important role in shaping global economic policy.

The IFAWG has a mandate to promote international financial stability and reduce systemic risks through cooperation among its members. It 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 across the globe, he said.

“One of the areas of focus for the IFAWG is capital flows and strengthening the global financial safety net. At the meeting, the group will also discuss the dynamics of capital flows and the optimal policy response for developing economies, strengthening the global financial safety net and efforts to reinforce financial system resilience against various sources of vulnerability,” he added.