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17/04/23 22:05 PM IST

India to chair Commonwealth group on reform of financial architecture

In News
  • India as the chair and Nigeria as the deputy chair of the Finance Ministers Working Group for a Commonwealth Call for Reform of the Global Financial Architecture.
Commonwealth group on reform of financial architecture
  • Finance ministers from various Commonwealth countries have called for a systemic reform of the global financial architecture to enhance access to development financing for vulnerable countries.
  • The ministers emphasized the need for any reforms to increase funding and take into account the realities of vulnerability when allocating support to help vulnerable countries build resilience and achieve sustainable development.
  • During the first Commonwealth Finance Ministers High-Level Working Group Meeting, which was held on the sidelines of the 2023 World Bank Group and International Monetary Fund Spring Meetings, finance ministers engaged in discussions about national fiscal policies, financial sustainability measures, eligibility criteria for development finance, and potential reforms that could lead to a more equitable financial architecture.
Source- Business Standard

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