G20 finance ministers' meeting focuses on global financial architecture, sustainable finance

The focus of discussion during the G20 finance ministers meeting held on Friday morning was the international financial architecture and sustainable finance, said the Chief Economic Advisor (CEA), V. Anantha Nageswaran, adding that no specific country was taken up while discussing debt sustainability.

Nageswaran informed that G20 will work towards a debt sustainability framework and process of establishing sustainability.  "We are working towards a debt sustainability framework; it’s a matter of ironing out wrinkles now. We know about financing pledges for SDGs which includes climate funding and we know no matter how much public funding is provided for climate it will not be enough, we need funding from all sources," he said.

The CEA added that Multilateral Development Banks (MDBs) can play a role in de-risking and attracting private sector financing for climate risk, in addition to providing direct financing. Agreements on climate financing are expected to be made during the course of India's G20 Presidency, he said.