‘G20 finance track’s issues welcomed and reiterated,’ says FM Sitharaman

Taking forward the deliverables from the finance track in the Delhi Declaration in September, G20 member countries have been working on five key themes including reforms of multilateral development banks, digital public infrastructure, issues related to cryptocurrency, climate finance and financing cities of the future.  

“Today, on the G20 finance track-related issues, every one of the five main agenda points, which had been discussed over the year, had been reiterated. They were welcomed,” said Finance Minister Nirmala Sitharaman on Wednesday after the virtual summit of G20 Leaders.  

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Briefing reporters after the virtual summit hosted by Prime Minister Narendra Modi, the FM said that there have been several discussions on building bigger and more effective multilateral development banks. Many MDBs are also looking at collaborations in areas such as innovative finance, she said, adding that several recommendations of the two reports by the Independent Expert Group are already being implemented.  

Sitharaman further said that India has signed MoUs with seven countries for digital public infrastructure to “to share our own experience and technologies”. India is also in the advanced stages with a few more countries for cross-border UPI payments, after signing such agreements with Singapore and the United Arab Emirates. This will enable the acceptance of UPI and QR at merchant outlets in these countries.  

Sitharaman indicated that further progress has been made on the G20 agenda on a common regulatory framework for cryptocurrencies and said India would work with the Brazilian presidency to take it forward. The International Monetary Fund and the Financial Stability Board will also will provide regular updates on the implementation of the G20 regulatory roadmap on crypto assets. While there are no timelines at present for how it would be implemented, she said that this may be taken up in the early days of the Brazilian presidency.  

This was India’s last G20 meeting during its presidency, before it is taken over by Brazil from December 1. Amitabh Kant, India’s Sherpa to the G20, said Wednesday’s virtual summit was “well attended” and there was participation by 22 heads of govt and all heads of international organisations. The focus was on implementation since the G20 Leaders’ Summit in New Delhi on September 9 and 10.  

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