G20 FMCBG Communiqué welcomes Report of G20 Independent Expert Group on Strengthening MDBs

FMCBGs also adopt G20 Roadmap on crypto assets

The fourth and final meeting of the G20 Finance Ministers and Central Bank Governors (FMCBGs) under the Indian Presidency is taking place on 12-13 October 2023 at Marrakech, Morocco, on the sidelines of the International Monetary Fund-World Bank Annual Meetings.

 

In this meeting, the G20 FMCBGs unanimously adopted the G20 Finance Ministers and Central Bank Governors Communiqué. The FMCBG Communiqué draws guidance from the G20 New Delhi Leaders’ Declaration (NDLD) and benefited significantly from the consensus that was reached at the Leaders’ Summit.

The FMCBG Communiqué has welcomed the Report of the G20 Independent Expert Group on Strengthening MDBs. FMCBGs have noted the need for transformative changes required in MDBs’ vision, operating models and financing capacities. The three building blocks that the FMCBGs have urged for consideration are private capital mobilisation, strengthening their financial capacity including implementation of capital adequacy framework recommendations and capital increase, and urging MDBs to work together as a system. Going forward, they have called for continued work on the recommendations of the Report for building better, bigger and more effective MDBs.

The FMCBGs also adopted the G20 Roadmap on crypto assets. This detailed and action-oriented roadmap will help coordinate global policy as well as develop mitigating strategies and regulations on crypto assets while also taking into consideration the specific implications on Emerging Markets and Developing Economies (EMDEs).

Apart from these outcomes, the Communiqué reflects the outcomes from the various G20 Finance Track workstreams that were completed post July FMCBG meeting and the G20 New Delhi Leaders’ Summit.

The Communiqué also welcomed the upcoming Brazilian Presidency of the G20 and looked forward to continued work on enhancing global economic cooperation to achieve strong, sustainable, balanced and inclusive growth.

The final G20 FMCBG Communiqué may be accessed through the following links:

https://dea.gov.in/sites/default/files/Final%20G20%20FMCBG%20October%202023%20Communique.pdf 

Multilateral development bank reform urged to mobilize private capital and strengthen financial capacity; global crypto roadmap adopted. The G20 FMCBG Communique endorses strengthening multilateral development banks by urging private capital mobilisation, enhancing MDB financial capacity via capital adequacy framework implementation and potential capital increases, and promoting MDBs working together as a system; it also adopts a G20 Roadmap on crypto assets to coordinate global policy, devise regulatory and mitigation strategies, and address implications for Emerging Markets and Developing Economies.