G20's Indian Presidency has walked the talk with action-oriented outcomes on issues ranging from strengthening multilateral development banks, financial inclusion through digital public infrastructure, debt resolution and financing the cities of tomorrow, Finance Minister Nirmala Sitharaman said on Saturday.
Addressing the press conference on the New Delhi Leaders' Declaration of the G20, which achieved consensus of all member countries on its 83 paragraphs, Sitharaman said, "We assumed the presidency at a time of geopolitical tensions. The Indian presidency has worked to ensure that these divergences don't overshadow the core developmental outcome and concerns that demand collaborative solutions."
The declaration, while welcoming the synthesis paper by the International Monetary Fund and Financial Stability Board, is yet to endorse the recommendations. Sitharaman said that the report will be taken up in the upcoming finance track meeting in Marrakesh.
The New Delhi Leaders' Declaration, while agreeing on the need for bigger and more effective multilateral development banks and boosting the World Bank's financing capacity, is yet to endorse the expert group report on MDB reforms by N K Singh, chairman of the 15th Finance Commission, Larry Summers, former US treasury secretary.
The declaration has taken note of Volume 1 of the report and said that it may choose to discuss these recommendations as relevant and appropriate, within their governance frameworks, in due course, with a view to enhancing the effectiveness of MDBs.
"We appreciate the efforts of the G20 Independent Expert Group on Strengthening MDBs in preparing Volume 1 of the Report and look forward to its examination in conjunction with Volume 2, expected in October 2023," the declaration said.
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The Declaration has endorsed the G20 Roadmap for Implementing the Recommendations of the G20 Independent Review of MDBs' Capital Adequacy Frameworks. "Implementation of these recommendations will yield an additional headroom for lending $200 billion over the next decade," Sitharaman said.
The leaders' declaration has also said that they are committed to the swift implementation of the two-pillar international tax package. "We call on the Inclusive Framework to resolve the few pending issues relating to the multilateral convention with a view to preparing the MLC for signature in the second half of 2023 and completing the work on Amount B by the end of 2023."
Without endorsing, the leaders have also taken note of the OECD Report on Enhancing International Tax Transparency on Real Estate and the Global Forum Report on Facilitating the Use of Tax-Treaty-Exchanged Information for Non-Tax Purposes.
While welcoming discussion on the potential macro-financial implications arising from the introduction and adoption of Central Bank Digital Currencies, the declaration has also mentioned its commitment to promote responsible, sustainable and inclusive use of digital technology by farmers and an ecosystem of Agri-Tech start-ups and MSMEs.
"Take note of the Indian Presidency's proposal of the One Future Alliance (OFA), a voluntary initiative aimed to build capacity, and provide technical assistance and adequate funding support for implementing DPI."