Focus on sustainable finance at inaugural session of G20 FMCBG meet

New Delhi: Issues related to international financial architecture, sustainable finance and infrastructure were under focus during the first session of the two-day G20 finance ministers and central bank governors (FMCBG) meeting, which began on Friday in Bengaluru.

The inaugural session was jointly steered by Finance Minister Nirmala Sitharaman and RBI governor Shaktikanta Das, the Finance Ministry said in a series of tweets.

Sitharaman sought views of the ministers and governors on how multilateral development banks can be strengthened to address shared global challenges of the 21st century, while maintaining a focus on SDGs and poverty eradication.

The Finance Minister highlighted the rising debt vulnerabilities in many vulnerable countries and sought the views of the G20 members on multilateral coordination, stating that managing global debt vulnerabilities would be crucial for the world economy, the ministry tweeted.

Sitharaman also invited views of the G20 FMCBG on policy initiatives that can be instrumental in enabling financing for SDGs and ways for mobilisation of timely and adequate resources for climate finance.

"Sitharaman spoke about India's G20 priority of financing cities of tomorrow and sought to explore the G20 FMCBG views on domestic policy experiences with respect to financing inclusive resilient and #sustainable cities of tomorrow," the Finance Ministry tweeted.