Union Finance Minister to also participate in fourth G20 Finance Ministers & Central Bank Governors meeting under G20 Indian Presidency, besides investor and bilateral meetings with many countries and organisations

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman will be embarking on an official visit to Marrakech, Morocco, beginning October 10, 2023.

During the visit, Smt. Sitharaman will attend the Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), along with G20 meetings, Investor/ Bilateral meetings with Indonesia, Morocco, Brazil, Switzerland, Germany and France, besides other associated meetings, scheduled to take place from October 11-15, 2023, in Marrakech, Morocco.

The Annual Meetings will be attended by Finance Ministers and Central Bankers from across the world. The Annual Meetings, which generally take place in October, are customarily held in Washington D.C. for two consecutive years and in another member country in the third year.

The Indian delegation for the Annual Meetings will be led by the Union Minister for Finance & Corporate Affairs and will comprise officials from the Ministry of Finance and the Reserve Bank of India.

Finance Minister Smt. Sitharaman and Shri Shaktikanta Das, Governor, Reserve Bank of India (RBI), will co-chair the fourth G20 Finance Ministers and Central Bank Governors (FMCBG) meeting. G20 FMCBG meeting will witness participation of 65 delegations from G20 countries, invitee countries, and international organisations in multilateral discussions centred around a broad spectrum of important global issues.

The fourth G20 FMCBG meeting will comprise of two sessions:-

1. Strengthening Multilateral Development Banks (MDBs) to address shared challenges of the 21^st Century
2. Global Economy and Crypto Assets Agenda

During the meeting, the Volume 2 of the Report on strengthening MDBs by the Independent Expert Group (IEG) will also be released. Volume 1 was release during the 3rd FMCBG held in Gandhinagar, Gujarat.

On the sidelines of the fourth G20 FMCBG meeting, Principals from Indian G20 Presidency, International Monetary Fund, and the World Bank will co-chair Global Sovereign Debt Roundtable (GSDR) on 12^th October 2023. The Roundtable will discuss the progress made on debt restructuring and explore ways and means to support work of G20 countries.

In a high-level event organised by USA Treasury, Union Finance Minister will engage in a Roundtable Discussion on “IMF policy priorities and how the institution should support its membership”.

The Union Finance Minister will also participate in a discussion on Partnership for “Resilient and Inclusive Supply-chain Enhancement” (RISE) – with the World Bank Group, organised by the G7 Japan Presidency.

On the margins of the IMF-WB Annual Meetings in Marrakech, Smt. Sitharaman will participate in a discussion on macroeconomic outlook during a G7 Africa Ministerial Roundtable.

Smt. Sitharaman will also give keynote address at a session on “MDBs evolution”, co-hosted by German Federal Ministry for Economic Cooperation and Development and Center for Global Development (CGD).

In the course of her visit, the Union Finance Minister will also participate in a Roundtable on “Reviving Growth with Inclusivity: Galvanising Private Capital to support Governments and Multilateral Institutions”.

In another high-level event on the sidelines, Union Finance Minister will engage in a conversation with Atlantic Council on India’s economic prospects through 2024 and beyond.

Under the G20 India Presidency theme of ‘One Earth’, ‘One Family’ and ‘One Future’, the discussions will continue to build on the key outcomes achieved under the Finance Track of India’s G20 Presidency during the G20 Leaders’ Summit in September 2023 in New Delhi.

Strengthening multilateral development banks advances the global finance agenda, shaping MDB reform and sovereign debt cooperation. The Union Finance Minister will lead the delegation to the Annual Meetings, co-chair the fourth G20 Finance Ministers and Central Bank Governors meeting with sessions on strengthening multilateral development banks and on the global economy and crypto assets, oversee release of Volume 2 of the IEG report on MDB strengthening, and participate in a Global Sovereign Debt Roundtable and multiple high-level roundtables and bilateral investor meetings.