The G20 Finance Ministers and Central Bank Governors (FMCBG) under India’s presidency released a joint communique on Friday in Marrakech, Morocco, adopting the roadmap proposed in the Synthesis Paper as a G20 Roadmap on Crypto Assets and to collectively mobilise more headroom and concessional finance to boost the World Bank’s capacity to support the low and middle income countries to meet the global challenges.
“In the spirit of #OneEarthOneFamilyOneFuture and following full consensus by the #G20 members, the fourth #G20 Finance Ministers and Central Bank Governors communique was adopted today in #Marrakech, Morocco,” the finance ministry said in a tweet.
While welcoming the G20 Independent Expert Group’s report on strengthening Multilateral Development Banks (MDBs), the communique said that transformative changes are required in MDBs’ vision, operating models and financing capacities.
“Going forward, we call on the International Financial Architecture Working Group to deliberate on the IEG recommendations in consultation with MDBs and suggest a way forward for better, bigger and more effective MDBs, including ways to work together better as a system, in our meeting in April 2024.”
The FMCBG have called for swift and coordinated implementation of the G20 Roadmap for crypto assets, including implementation of policy frameworks; outreach beyond G20 jurisdictions; global coordination, cooperation and information sharing; and addressing data gaps.
“This detailed and action-oriented Roadmap is essential to achieve our common goals of macro-economic and financial stability and to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets.”
The synthesis note released last month stressed the need for an unambiguous tax treatment of crypto-assets and advised countries to safeguard monetary sovereignty. A decision to ban is not an “easy option” the report said, while adding that temporary restrictions should not substitute for robust macroeconomic policies.
The FMCBG in their fourth and final meeting under the Indian Presidency have also asked the International Monetary Fund and Financial Stability Board to provide regular and structured updates on the progress of implementation of the G20 Roadmap on Crypto Assets.
On MDBs, the three building blocks that the FMCBGs have urged for consideration are private capital mobilisation, strengthening their financial capacity including through implementation of capital adequacy framework recommendations and capital increase, and urging MDBs to work together as a system.
This is the first communique under the Finance track during India’s G20 presidency.
The FMCBG has also endorsed the G20/World Bank report on Enablers of Inclusive Cities: Enhancing Access to Services and Opportunities, which analyses how inclusivity varies across cities globally and presents a policy compass for various stakeholders to better plan, connect, and finance the delivery of urban infrastructure services.
On the issue of the Russia-Ukraine war, the communique said that while the G20 is not the platform to resolve geopolitical and security issues, it acknowledged that these issues can have significant consequences for the global economy. “Today’s era must not be of war,” it said.
