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Reforming multilateral banks discussed at first G20 Finance Meeting
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IANS | 31 Jan, 2023
Strengthening and reforming multilateral development banks and ways to
address implementation challenges associated with the G20 Common
Framework for Debt Treatments beyond Debt Service Suspension Initiative
(DSSI) were among the issues deliberated at the first meeting of the
International Financial Architecture Working Group that concluded here
on Tuesday.
The focus of the group "is to support global
action for enhancing financing for development as well as strengthen
international financial institutions to support vulnerable countries to
deal with challenges posed by trans-boundary challenges", an official
statement said.
The discussions in this meeting will inform the
First G20 Finance Ministers and Central Bank Governors meeting under the
Indian presidency to be held on February 24-25 in Bengaluru, it said.
The
meeting of the International Financial Architecture Working Group was
dedicated to discussing solutions to vulnerabilities in the
international financial system, enhancing financing for development, and
strengthening the international financial architecture.
It was
inaugurated by Agriculture and Farmers Welfare Minister Narendra Singh
Tomar and Food Processing Industries Minister Pashupati Kumar Paras.
Welcoming
the delegates to Chandigarh, the ministers, in their inaugural
addresses, reflected on the spirit of Indian Presidency's theme of
"Vasudhaiva Kutumbakam": "One Earth, One Family, One Future".
The meeting was co-chaired by France and South Korea.
The
Indian Presidency was represented in the meeting by the Department of
Economic Affairs, Ministry of Finance, and the Reserve Bank of India.
It
was conducted over two days with the aim of seeking the views of G20
members on the agenda for the International Financial Architecture
Working Group under the Indian G20 Presidency.
A panel discussion
was also organised on the sidelines of the meeting on "Central Bank
Digital Currencies (CBDCs) -- Opportunities and Challenges".
The
objective of the side-event was to share country experiences on CBDCs
and develop a deeper understanding on their macroprudential
implications.
The meeting saw participation of nearly 100
delegates from G20 member countries, invitee countries, and
international organisations.
The presence of the G20 delegations,
invitees and international organisations in Chandigarh demonstrated the
strong commitment of the global community to support India's G20
Presidency, said the statement.
The delegates were also provided
an opportunity to experience the vibrance of Chandigarh. A polo match
was organized for the delgates on January 29. Visits to Chandigarh's
famous locations were organised for the delegates.
They were also
provided an opportunity to have a taste of this city's cuisine and art.
Dance and musical performances rooted in the multi-cultural setting of
Chandigarh showcased India's cultural diversity.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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