G20 group tackles global financial safety and debt management

The G20 International Finance Architecture Working Group (IFAWG) convened on Tuesday, focusing on enhancing international financial security and managing global debt vulnerabilities. The two-day assembly, co-chaired by South Korea and France, took place near Panaji in Goa, with over 100 delegates from member countries and various international organisations in attendance. The participants underlined the need for collective efforts towards a more stable and resilient global economy.
Currently, India presides over the G20, an intergovernmental forum consisting of the world’s major developed and developing economies. In its capacity as president, India has been hosting meetings of various working groups across states and Union territories.A senior official remarked that the third IFA Working Group had an “exciting start,” delving into critical topics such as strengthening the global financial safety net. Furthermore, subjects like the International Monetary Fund’s Special Drawing Rights (SDR) allocation and management of global debt vulnerabilities were also broached during the meeting. According to the official, the working group stressed the need for collaborative endeavours to forge a more stable and robust global economy. The meeting saw pivotal dialogues on managing global debt vulnerabilities, with strategies to address and mitigate debt risks in the international financial system being discussed.
The working group also examined issues related to fortifying the global financial safety net. This crucial framework of measures aims to provide financial aid and stability to countries during economic crises.
IFAWG handles matters pertaining to international financial architecture, development finance, managing debt vulnerabilities, enhancing debt transparency, capital flow management, and promoting local currency bond markets. The G20 is comprised of Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Indonesia, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union (EU).