CURRENT AFFAIRS

Detailed explanation-1: -In December 1999, the Finance Ministers and Central Bank Governors of advanced and emerging countries of systemic importance met for the first time in Berlin, Germany, for an informal dialogue on key issues for global economic stability. Since then, Finance Ministers and Central Bank Governors have met annually.

Detailed explanation-2: -The First G20 Finance and Central Bank Deputies Meeting, under the Indian Presidency, was held in Bengaluru, Karnataka, during December 13-14, 2022, under the co-chairship of Secretary, Economic Affairs, Shri Ajay Seth and Deputy Governor, Reserve Bank of India, Dr. Michael Patra.

Detailed explanation-3: -The first G20 Summit was held in 2008 in Washington DC (USA). It set the scene for the most dramatic reform of global finance in over 60 years.

Detailed explanation-4: -The 2023 G20 Delhi summit (Hindi: 2023 G20 ) is the upcoming eighteenth meeting of Group of Twenty (G20), a summit scheduled to take place in Pragati Maidan, New Delhi in 2023. India’s presidency began on 1 December 2022, leading up to the summit in the fourth quarter of 2023.

Detailed explanation-5: -They represent all inhabited continents, 80% of world GDP, 75% of global trade and 60% of the world’s population. G20 members recognize that global prosperity and economic opportunities and challenges are interlinked. The G20 comprises 19 countries and the European Union.