The fourth and final meeting of the G20 Finance Ministers and Central Bank Governors (FMCBGs) under the Indian Presidency occurred on October 12-13, 2023, in Marrakech, Morocco, coinciding with the International Monetary Fund-World Bank Annual Meetings.
During this meeting, the G20 FMCBGs unanimously endorsed the G20 Finance Ministers and Central Bank Governors Communiqué. This document is based on the G20 New Delhi Leaders’ Declaration (NDLD) and incorporates the consensus achieved at the Leaders’ Summit.
The FMCBG Communiqué expressed appreciation for the G20 Independent Expert Group on Strengthening MDBs and acknowledged the need for transformative changes in the vision, operating models, and financing capacities of Multilateral Development Banks (MDBs). The FMCBGs highlighted three key building blocks for consideration: private capital mobilization, strengthening financial capacity (including implementing capital adequacy framework recommendations and capital increase), and urging MDBs to collaborate as a system. The Communiqué called for ongoing work on the recommendations of the Report to enhance the effectiveness of MDBs.
Additionally, the FMCBGs adopted the G20 Roadmap on crypto assets. This comprehensive roadmap is designed to coordinate global policy, develop strategies, and establish regulations for crypto assets while considering their specific implications on Emerging Markets and Developing Economies (EMDEs).
The Communiqué encompasses outcomes from various G20 Finance Track workstreams that concluded after the July FMCBG meeting and the G20 New Delhi Leaders’ Summit. It also welcomed the upcoming Brazilian Presidency of the G20, anticipating continued efforts to enhance global economic cooperation for achieving strong, sustainable, balanced, and inclusive growth.
For more details, the final G20 FMCBG Communiqué is available here.
