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G20 India 2023

TF-5: Purpose & Performance: Reassessing the Global Financial Order

This task force will deliberate on how the global financial architecture can be made fit for purpose for the 21st century. The global financial architecture—dominated by International Financial Institutions (IFIs) such as IMF, World Bank, BIS, etc.—needs to undergo radical reforms that reflect modern realities. Greater access to development finance, such as climate finance, infrastructure finance, and social sector investments is more important than ever. The widening financing gap for the SDGs and climate adaptation requires proactive actions at the multilateral level, including the G20. Besides showcasing best practices on options for domestic resource mobilisation, innovations in funding sources— including local currency bond markets and instruments by multilateral, regional and national development banks—may be leveraged. There is a gap in expectations between Central Banks, Multilateral Development Banks, and the IMF. There is a need for a coordinated and collaborative approach amongst the Bretton Woods institutions, and a push for fundamental changes in their mandates and ways of working. Can the G20 move beyond its post-financial crisis management approach to address the crises of today, as well as identify and remove the institutional and regulatory barriers to enhance access to finance by developing countries? What are regulatory and policy changes that can encourage investments from the multilateral institutions and the developed world into emerging and developing countries?  Workstreams:
  • Enhancing Access to Infrastructure & Development Finance 
  • Towards More Innovative Financing Mechanisms
  • Reform of Bretton Wood Institutions and MDBs
  • Need and Role of Regional and Plurilateral Financing Institutions
CHAIRS:
  • Deepak Mishra, Indian Council for Research on International Economic Relations (ICRIER), New Delhi
  • Ashima Goyal, Indira Gandhi Institute of Development Research (IGIDR), Mumbai
Co-CHAIRS:
  • Amar Bhattacharya, Brookings Institution, USA
  • Claude Lopez, Milken Institute, USA
  • Daniel Cohen, Paris School of Economics, France
  • Hans Peter Lankes, London School of Economics, UK
  • Matthias Catón, Frankfurt School of Finance & Management, Germany
  • Mridul Saggar, Ex-RBI ED and MPC member, India
  • Naoyuki Yoshino, Keio University, Japan; Former Asian Development Bank Institute
  • Priyadarshi Dash, Research and Information System for Developing Countries, India
  • Sarah Colenbrander, ODI, UK
  • Shikha Bhasin, Council on Energy, Environment and Water, India
  • Vidya Shah, EdelGive Foundation, India
G20 India 2023

Improving G20+ Monetary Cooperation In The Era of CBDCS

Miguel Otero Iglesias (Elcano Royal Institute), Haihong Gao (Institute of World Economics and Politics, Chinese Academy of Social Sciences (CASS)), Agustín González-Agote (Center of the Governance of Change), Ming Zhang (Institute of Finance and Banking)
G20 India 2023
G20 India 2023

A Framework for Enhancing International Climate Finance Flows

Manish Kumar Shrivastava (Earth Science and Climate Change Division), Heiner Lupke (DIW), Samantha Keen (Strengthening National Climate Policy Implementation (SNAPFI) project), Karsten Neuhoff (German Institute for Economic Research (DIW Berlin)), David Rusnok (Strengthening National Climate Policy Implementation (SNAPFI) project)
G20 India 2023

A Framework to Enhance Financing Capacity and Incentivise Preservation of Natural Assets

Alexander Ryota Keeley (Urban Institute), Alin Halimatussadiah (The Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia), Bambang Brodjonegoro (University of Indonesia), Matthew Agarwala (Bennett Institute for Public Policy, University of Cambridge; Tobin Center for Economic Policy, Yale University), Muhammad Adriansyah (Institute for Economic and Social Research), Robert Smith (International Institute for Sustainable Development), Robi Kurniawan (SDGs Hub), Roes Ebara Gikami Lufti (Institute for Economic and Social Research Faculty of Economics and Business), Shunsuke Managi (Urban Institute), Shutaro Takeda (Urban Institute), Teuku Riefky (University of Indonesia (LPEM FEB UI))
G20 India 2023

Addressing MSMEs’ Financing Challenges Through G20 Action

Priyadarshi Dash (Research and Information System for Developing Countries (RIS)), Rahul Ranjan (Research and Information System for Developing Countries)
G20 India 2023

Net-Zero Portfolio Targets for DFIs: Challenges and Solutions

Sam Fankhauser (Smith School of Enterprise and the Environment), Sugandha Srivastav (University of Oxford), Ingrid Sundvor (University of Oxford), Stephanie Hirmer (University of Oxford), Gireesh Shrimali (University of Oxford)
G20 India 2023

Reorienting IFIs for Meeting Emerging Development Financing Challenges

Priyadarshi Dash (Research and Information System for Developing Countries (RIS)), Yose Rizal Damuri (Centre for Strategic and International Studies), Arun S. Nair (Research and Information System for Developing Countries (RIS)), Dandy Rafitrandi (Centre for Strategic and International Studies (CSIS))
G20 India 2023

Mobilising Private Capital for Climate Action and Growth in the Global South

Hans Peter Lankes (LSE Grantham Research Institute), Nick Robins (LSE Grantham Research Institute for Climate Change and the Environment)
G20 India 2023

Reforming the Global Financial Architecture to Drive a Resilient Net- Zero Transition

Nicola Ranger (Oxford Martin Systemic Resilience Programme and Programme Leader), Fulvia Marotta (Smith School of Enterprise and the Environment), Sam Fankhauser (Smith School of Enterprise and the Environment), Brian O’Callaghan (Government Policy and Investment)
G20 India 2023

Greening Public Financial Institutions: Lessons From the G20

Swasti Raizada (International Institute for Sustainable Development), Natalie Jones (International Institute for Sustainable Development)
G20 India 2023

Harnessing Philanthropy for Climate Action

Sukhreet Bajwa (Community Resilience and Climate Action), Deepa Gopalakrishnan (Sandbox Grants)
G20 India 2023

Exchange Rate Volatility and its Impact on Borrowing Costs

Ashima Goyal (Indira Gandhi Institute of Development Research), Sritama Ray (Indira Gandhi Institute of Development Research)
G20 India 2023

Reviving the International Financial Transactions Tax (Iftt) Agenda for the G20

Nagesh Kumar (Institute for Studies in Industrial Development), Kevin P. Gallagher (Global Development Policy Center, Boston University, USA)
G20 India 2023

The Pattern of Global Macroprudential Regulations and its Impact on Borrowing Costs

Ashima Goyal (Indira Gandhi Institute of Development Research), Sritama Ray (Indira Gandhi Institute of Development Research)
G20 India 2023

A Long-Term Development Investment Framework for LMICs

Alin Halimatussadiah (The Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia), Bambang Brodjonegoro (University of Indonesia), Fukunari Kimura (Keio University, ERIA), Muhammad Adriansyah (Institute for Economic and Social Research), Muhamad Chatib Basri (University of Indonesia), Teuku Riefky (University of Indonesia (LPEM FEB UI)), Wing Thye Woo (University of California)
G20 India 2023

Financing Climate-Resilient Infrastructure in Africa

Gracelin Baskaran (Brookings Africa Growth Initiative), Amara Ekeruche (Centre for the Study of the Economies of Africa), Chris Heitzig (Brookings Africa Growth Initiative), Aloysius Uche Ordu (SAfrica Growth Initiative, Brookings Institution), Lemma W. Senbet
G20 India 2023

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