said the officer, as Chair, India’s G20 Finance Track Agenda consists of 27 deliverables – 10 of which have been endorsed and another 17 welcomed by G20 delegations. According to the person cited above, Russia remains positive on all deliverables except for consensus language on war and food insecurity.
Leaders to discuss crypto framework The G20 finance track has drawn up a roadmap for a common framework around the treatment of cryptocurrencies, which will now be presented at the leaders’ summit starting on September 9, the official quoted above said.
A joint IMF-FSB paper on cryptocurrencies has also been circulated among delegations. According to the official, India has attached a Presidential Guidance Note on this, which summarizes.
Financial Inclusion Agenda
Under his chairmanship, India has prepared a Financial Inclusion Action Plan for 2024-2026, which will outline policy recommendations for further advancement of digital public infrastructure and how greater productivity gains can be achieved.
Climate finance
Climate financing and climate change assessment are also high on India’s list of priorities. G20 members have agreed that the energy transition (from fossil fuels) will be inclusive, rapid, collaborative and adaptive, the official said.
India has submitted a report on macroeconomic risks posed by climate change and transition pathways, endorsed by finance ministers and central bank governors.
The report will allow countries to evaluate and choose their own energy baskets and transition pathways by offering different price and non-price instruments.
Another major financial agenda
India has also introduced a framework for lending to future cities, which will be implemented as a pilot case in selected cities by multilateral banking institutions after the consent of G20 leaders.
A financial model/tool has been developed by India that will serve as a customizable tool to assess and enhance the institutional capacity of urban credit, the official said.
To leverage multilateral bank finance and enhance their lending practices, India formed an expert group co-chaired by NK Singh and former US Treasury Secretary Larry Summers.
The Export Group released its first report on multilateral bank reforms in July. The second part of the report is expected to be presented in Morocco in October, when the last FMCBG meeting will be held under the chairmanship of India.
The official quoted above said the group has made progress on a common framework and is close to finalizing debt relief for Zambia, Ghana and Ethiopia. Debt relief for Sri Lanka is also almost finalised, although it will be outside the normal framework as it is a middle-income country, the official said.
The official said the common framework has faced opposition from China over the inclusion of climate references.