### Summary
Finance and health ministers of G20 nations have agreed to strengthen global health architecture for pandemic prevention through enhanced collaboration.
### Facts
- 💼 Finance and health ministers of G20 nations have agreed to strengthen global health architecture for pandemic prevention, preparedness, and response.
- 🌍 The task force approved a multi-year work plan under the Indian presidency.
- 📊 Task force reports highlighted the impact of future pandemics on the economy and identified gaps in funding arrangements.
- 🇮🇳 India hosted the G20 Joint Finance and Health Ministers Meeting in Gandhinagar, Gujarat.
- 💰 Ministers welcomed the conclusion of the first call for proposals of the pandemic fund and look forward to the second call for proposals by the end of 2023.
A group of investors managing $7.3 trillion in assets has called on the G20 countries to align agricultural subsidies with climate and nature goals by the end of the decade, citing concerns over the risks to investment portfolios and the environmental damage caused by subsidies.
Developed nations will need to invest $100-150 billion per year through multilateral development banks to support emerging economies in financing their climate transition, according to Mark Carney, UN special envoy for climate action and finance. Carney emphasized the importance of transition finance for challenging sectors and called for changes in the operational orientation of MDBs to prioritize climate funding.
US President Joe Biden will discuss various global issues, including the social effects of the Russia-Ukraine war and climate change, at the G20 Summit, reaffirming the US commitment to the forum as the premier platform for economic cooperation, according to White House press secretary Karine Jean Pierre.
US Secretary of the Treasury Janet L Yellen will attend the G20 Leaders' Summit in New Delhi to focus on strengthening the global economy, supporting low and middle-income countries, and addressing global challenges such as climate change and pandemics.
U.S. President Joe Biden plans to offer financial support to developing countries in Africa, Latin America, and Asia as an alternative to China's Belt and Road project, taking advantage of Chinese President Xi Jinping's absence at the G20 meeting and China's economic downturn.
President Joe Biden will attend the Group of 20 (G20) summit in India as a supporter, even as the US acknowledges that India's interests may diverge from Washington's, with India seeking to emphasize development issues and bridge the concerns of the world's largest economies with those of the Global South.
President Biden aims to use the G20 summit as an opportunity to strengthen the U.S.'s position as the leader of the global system, boost funding for the World Bank, and counterbalance China's Belt and Road Initiative; meanwhile, a potential strike looms for General Motors and Ford, and the Federal Reserve plans to maintain interest rates while addressing inflation concerns.
President Biden aims to rally support for Ukraine and promote American investment in the developing world at the G20 summit in India, presenting new plans for a transit corridor connecting partner nations and unveiling World Bank reforms, challenging China's global trade expansion and providing a better option for emerging economies.
The Group of 20 (G20) is an international organization that aims to unite world leaders around shared economic, political, and health challenges, with its members representing more than 80 percent of the world's economic output. The annual G20 summit brings together finance ministers and heads of state to discuss and address key issues, often culminating in a joint statement of collective action.
UK Prime Minister Rishi Sunak believes that the G20 leaders can address the enormous challenges facing the world and provide leadership, as he attends the summit in Delhi alongside Prime Minister Narendra Modi, who emphasized India's inclusive approach to the G20 presidency and proposed granting the African Union permanent membership.
Prime Minister Narendra Modi urged world leaders at the G20 Summit to overcome the "trust deficit" caused by war and emphasized the importance of finding new solutions to global challenges during his opening address. Additionally, he announced that the African Union has been granted permanent membership in the G20.
Leaders of the G20 have pledged to tackle global hunger and malnutrition by enhancing research on climate-resilient crops, promoting sustainable food systems, and supporting developing nations in meeting their food security goals.
US President Joe Biden stated that the G20 Summit demonstrated the ability to address urgent global issues, including the climate crisis and economic stability, through collaborative solutions.
India has successfully achieved its finance track objectives during its G20 presidency, including strengthening Multilateral Development Banks, creating a global regulatory framework for crypto assets, promoting financial inclusion through digital infrastructure, resolving debt for lower and middle-income countries, and financing sustainable cities, among other accomplishments, according to Finance Minister Nirmala Sitharaman.
World Bank president Ajay Banga has stated that the bank's vision is being redefined to focus on eradicating poverty on a livable planet and includes elements such as climate, fragility, and pandemics, while also emphasizing the collaboration with multilateral development banks and the inclusion of the private sector in renewable energy investments.
The G20, including U.S. president Joe Biden, has endorsed the Financial Stability Board's recommendations for regulating cryptocurrencies, which could have a significant impact on the prices of Bitcoin, Ethereum, BNB, XRP, and other major cryptocurrencies.
The G20 Summit hosted by India was regarded as a success for the Modi government, and US President Joe Biden emphasized the importance of human rights and the role of civil society and a free press in his discussions with Prime Minister Narendra Modi. Biden also expressed the desire for a stable relationship with China and praised Modi's leadership and hospitality.
The G20 leaders have made a commitment to accelerate reforms of multilateral development banks (MDBs) in order to address global challenges and maximize developmental impact, with a focus on the needs of low- and middle-income countries. India, as the outgoing G20 President, has emphasized the need for MDBs to be more sensitive to the changing developmental needs of the 21st century, particularly in relation to climate change. A panel of experts has been set up to craft these reforms, which include tripling sustainable lending levels by 2030 and creating new funding mechanisms. The G20 has also called for ambitious implementation of a roadmap on the capital adequacy framework of MDBs, which could unlock $200 billion worth of extra funding potential.
The G20 summit in New Delhi highlighted the shift in power dynamics, as Western leaders signed a joint statement on Ukraine with Russia, recognizing the need for realpolitik and the importance of India's role in the emerging multipolar world. The inclusion of the African Union in the G20 and calls to increase World Bank lending to developing countries further reflect this changing landscape.
The Biden administration has prioritized reform of the World Bank and the International Monetary Fund, with a proposed financing package to increase their lending capacity by $50 billion, emphasizing the need for more resources and a new approach to support developing countries in addressing poverty and the climate crisis.
The U.S. Treasury Department is urging the World Bank and other multilateral development banks to leverage shareholder capital commitments to increase lending capacity for developing countries by April 2024 in order to address global challenges like climate change and poverty.
The World Bank is exploring ways to expand the guarantees it offers for commercial loans to increase private financing options for developing countries, particularly for climate change initiatives, as some emerging economies struggle to access international markets due to rising interest rates and global uncertainties.
