The Banking Executive Magazine - March 2023 Issue

G20 2023 The G20 Presidency steers the G20 agenda for one year and hosts the Summit. The G20 consists of two parallel tracks: the Finance Track and the Sherpa Track. Finance Ministers and Central Bank Governors lead the Finance Track while Sherpas lead the Sherpa Track after Finance Track. Within the two tracks, there are the- matically oriented working groups in which representatives from the rele- vant ministries of the members as well as from invited guest countries and various international organisa- tions participate. The Finance Track is mainly led by the ministry of finance. These work- ing groups meet regularly throughout the term of each presidency. In addition, there are Engagement Groups which bring together civil so- cieties, parliamentarians, think tanks, women, youth, labour, businesses and researchers of the G20 countries. G20 Meetings The G20 Meetings comprise of the following meetings: 1) Meeting of Finance Ministers and Central Bank Governors (twice a year) 2) Meeting of G20 Deputies 3) G20 Ministerial Meeting on De- velopment 4) G20 Summit Meeting The G20 summit meeting is pre- ceded by meetings of working groups, Sherpa meetings, Finance meetings, Engagement Group meet- ings and then finally the Leaders’ Summit meeting. There is a B20 (for business), C20 (for civil society), L20 (for labour groups and unions), S20 (for scientific and academic commu- nity), T20 (for think tanks and re- search institutions), W20 (for women’s groups) and Y20 (for youth leaders). THE ROADMAP TO INDIAN PRESIDENCY OF G20 The Indian Council of World Affairs produced a paper on the roadmap to Indian presidency of G20. The paper traced the evolution of the G20 pres- idency from Saudi Arabia in 2020, to Italy in 2021, Indonesia in 2022, to India in 2023. The report highlighted the growing role of the G20 and the wide set of issues on its agenda ranging from fi- nancial stability, debt burden, sus- tainable development goals, health crisis to food security. The G20 Presidency is a very signifi- cant moment in India’s history. Since Independence, India has engaged with multilateral institutions, and contributed to combating the chal- lenges of contemporary global gov- ernance. The Italian Presidency in 2021 fo- cused on People, Planet and Prosper- ity. The Indonesian Presidency in 2022 focused on Recover Together, Recover Stronger. In 2020, the G20 presidency of Saudi Arabia led the global fight against the COVID-19 pandemic with a United States Dol- lar USD 10 trillion bailout package that focused on addressing the eco- nomic and health crisis. Over the past 15 years, the G20’s agenda has expanded to include various issues affecting the financial markets, trade, health care, education, anti-corrup- tion, women’s development, skill building and youth promotion. In 2016, the G-20 committed itself to the Action Plan on the 2030 Agenda for Sustainable Development includ- ing the Sustainable Development Goals (SDGs) and the Addis Ababa Action Agenda on Financing for De- velopment (AAAA). The 2030 Action Plan envisaged bold transformative steps through both collective and in- dividual concrete actions at interna- tional and domestic levels. The G20 further sought to improve sustainable livelihoods with its endeavours in en- ergy and climate. The Saudi Arabia G20 Presidency in 2020 The G20 Riyadh Summit was held in 22 November 2020. An extraordi- nary G20 Leaders’ Summit was held on March 26, 2020. The COVID-19 pandemic and its unprecedented im- pact in terms of lives lost, economies affected necessitated significant mul- tilateral efforts to find timely re- sponses. The G20 had to address the financing gaps in World Health Or- ganization WHO’s Strategic Pre- paredness and Response Plan, to ensure an inclusive recovery that tackles inequalities and ensure a sus- tainable future. The Saudi Presidency took up the initiative to enhance access to pan- demic tools. Saudi Arabia con- tributed USD 500 million to the immediate funding needs to fight the COVID-19 pandemic, with the G20 member countries pledging USD 21 billion to finance the fight against the pandemic. G20 also committed to work on affordable and equitable ac- cess to COVID-19 vaccines, thera- peutics and diagnostic tools. The G20 Italian Presidency in 2021 The Rome G20 Summit was held on 30 and 31 October 2021, in Italy. The Italian Presidency took the lead in: • Evolving a swift international re- sponse to the pandemic. • Rapid recovery beyond the crisis, towards reducing inequalities, women’s empowerment, younger generations, protecting the most vulnerable by creating new jobs, social protection and food security. • Maintaining sustained prosperity harnessing the main drivers of growth and innovation, bridging the digital divide and making digi- talization an opportunity for all, improve productivity. The G20 Indonesian Presidency in 2022 In 2022, there were signs of a slow- down in the globalization efforts. The world has witnessed the tragic humanitarian crisis in Eastern Europe as a consequence to the war in Ukraine, the western sanctions against Russia, lockdowns in China the BANKING EXECUTIVE 16 ISSUE 171 MARCH 2023