The fourth and final meeting of the G20 Finance Ministers
and Central Bank Governors (FMCBGs) under the Indian
Presidency is being held during 12-13 October 2023 in
Marrakesh, Morocco on the sidelines of the IMF/WB Annual
Meetings. In this meeting, the G20 FMCBGs unanimously
adopted the G20 Finance Ministers and Central Bank Governors
Communique. The FMCBG communique draws guidance from the G20
New Delhi Leaders Declaration (NDLD) and benefited
significantly from the consensus that was reached at the
Leaders’ Summit.
The FMCBG Communique has welcomed the Report of the G20
Independent Expert Group on Strengthening MDBs. FMCBGs have
noted the need for transformative changes required in MDBs’
vision, operating models and financing capacities. The three
building blocks that the FMCBGs have urged for consideration
are private capital mobilization, strengthening their
financial capacity including through implementation of
capital adequacy framework recommendations and capital
increase, and urging MDBs to work together as a system.
Going forward, they have called for continued work on the
recommendations of the Report for building better, bigger
and more effective MDBs.
The FMCBGs also adopted the G20 Roadmap on crypto assets.
This detailed and action-oriented roadmap will help
coordinate global policy as well as develop mitigating
strategies and regulations on crypto assets while also
taking into consideration the specific implications on
Emerging Markets and Developing Economies (EMDEs).
Apart these outcomes, the communique reflects the outcomes
from the various G20 Finance Track workstreams that were
completed post July FMCBG meeting and the G20 New Delhi
Summit.
The Communique also welcomed the upcoming Brazilian
Presidency of the G20 and looked forward to continued work
on enhancing global economic cooperation to achieve strong,
sustainable, balanced and inclusive growth.
The final G20 FMCBG communique may be accessed here: G20_FMCBG_October_2023_Communique.pdf