At its meeting in Goa, the G20 Working Group discusses ways to improve global financial security

A crucial G20 working group on finance held discussions on Tuesday on enhancing global financial safety and controlling debt risks, with attendees stressing the need of working together to create a more stable and resilient global economy.

More than 100 representatives from G20 member nations and numerous international organisations attended the two-day meeting of the third G20 International Finance Architecture Working Group (IFAWG), which was co-chaired by South Korea and France.

As the main established and developing economies of the world’s intergovernmental Group of 20 (G20) forum’s current leadership, India has been hosting meetings of several working groups in states and Union territories.

The third IFA Working Group, according to a senior official, got off to a “exciting start” as leaders spoke about important issues including bolstering the world financial safety net.

He added topics including controlling global debt risks and allocating Special Drawing Rights (SDR) to the International Monetary Fund were also covered at the meeting.

According to the official, the working group placed a strong emphasis on working together to create a more stable and resilient global economy.

“The session included an important discussion on reducing the risks associated with the world’s debt. The delegates spoke about ways to reduce and lessen the dangers associated with debt in the global financial system,” he added.

The source stated that the working group also looked into the problem of improving the global financial safety net, a crucial system of policies designed to provide nations financial support and stability in times of economic crisis.

More than 100 representatives from G20 member nations and several international organisations are in attendance at the summit.

IFAWG addresses with concerns about controlling capital flows, fostering local currency bond markets, managing debt vulnerabilities and increasing debt transparency, as well as international financial architecture and development financing.

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union (EU) are all members of the G20.