MDBs, crypto, global tax, and more: G20 achieves 10 outcomes from finance track
Finance Minister Nirmala Sitharaman underlined that India was very clear about having an inclusive approach and that no country should be left behind.
- Sep 9, 2023,
- Updated Sep 9, 2023 9:51 PM IST
G20 Summit 2023: As many as 10 of India's agenda items for the finance track of the G20 were agreed upon with reforms in multilateral development banks and regulation for crypto assets being considered major achievements for India's presidency of the G20. Both issues - MDBs and crypto - are likely to be taken forward during the World Bank- IMF meetings in Marrakech next month. The second volume of the Independent Expert Group on MDB reforms is also likely to be submitted then.
There were indications of a broad consensus emerging on most of these issues prior to the Leaders' Summit.
Addressing a press conference on Saturday on the 'Delhi Declaration' of the G20, finance minister Nirmala Sitharaman underlined that India was very clear about having an inclusive approach and that no country should be left behind. "We have endeavoured to support countries especially those from the Global South to be an integral part of the global decision-making process," she underlined.
Also Read: Consensus reached at G20, 'New Delhi Declaration' adopted, announces PM Modi
She also underlined that there was substantial progress on the issue of two-pillar solutions on international taxation. “Work has also happened on the exchange of info on immovable property transactions between countries. There is a launch of the pilot programme of the South Asia Academy for Tax and Financial Crime Investigation in collaboration with the OECD,” the finance minister said.
The declaration took up the issue of international taxation and the swift implementation of the two-pillar international tax package. "Significant progress has been made on Pillar One including the delivery of a text of a Multilateral Convention (MLC), and work on Amount B (framework for simplified and streamlined application of the arm’s length principle to in-country baseline marketing and distribution activities) as well as the completion of the work on the development of the Subject to Tax Rule (STTR) under Pillar Two," it said.
Promoting resilient growth by urgently and effectively addressing debt vulnerabilities in developing countries as well as improving access to digital services and digital public infrastructure, and leveraging digital transformation opportunities to boost sustainable and inclusive growth were other key outcomes of the finance track that made it to the 'Delhi Declaration'.
Significantly, the G20 also took note of the Indian Presidency’s proposal of the One Future Alliance (OFA), a voluntary initiative aimed at building capacity and providing technical assistance and adequate funding support for implementing DPI in LMICs.
G20 Summit 2023: As many as 10 of India's agenda items for the finance track of the G20 were agreed upon with reforms in multilateral development banks and regulation for crypto assets being considered major achievements for India's presidency of the G20. Both issues - MDBs and crypto - are likely to be taken forward during the World Bank- IMF meetings in Marrakech next month. The second volume of the Independent Expert Group on MDB reforms is also likely to be submitted then.
There were indications of a broad consensus emerging on most of these issues prior to the Leaders' Summit.
Addressing a press conference on Saturday on the 'Delhi Declaration' of the G20, finance minister Nirmala Sitharaman underlined that India was very clear about having an inclusive approach and that no country should be left behind. "We have endeavoured to support countries especially those from the Global South to be an integral part of the global decision-making process," she underlined.
Also Read: Consensus reached at G20, 'New Delhi Declaration' adopted, announces PM Modi
She also underlined that there was substantial progress on the issue of two-pillar solutions on international taxation. “Work has also happened on the exchange of info on immovable property transactions between countries. There is a launch of the pilot programme of the South Asia Academy for Tax and Financial Crime Investigation in collaboration with the OECD,” the finance minister said.
The declaration took up the issue of international taxation and the swift implementation of the two-pillar international tax package. "Significant progress has been made on Pillar One including the delivery of a text of a Multilateral Convention (MLC), and work on Amount B (framework for simplified and streamlined application of the arm’s length principle to in-country baseline marketing and distribution activities) as well as the completion of the work on the development of the Subject to Tax Rule (STTR) under Pillar Two," it said.
Promoting resilient growth by urgently and effectively addressing debt vulnerabilities in developing countries as well as improving access to digital services and digital public infrastructure, and leveraging digital transformation opportunities to boost sustainable and inclusive growth were other key outcomes of the finance track that made it to the 'Delhi Declaration'.
Significantly, the G20 also took note of the Indian Presidency’s proposal of the One Future Alliance (OFA), a voluntary initiative aimed at building capacity and providing technical assistance and adequate funding support for implementing DPI in LMICs.