Panaji (Goa) [India], June 4 (ANI): Goa is set to welcome G20 delegates for the 3rd International Financial Architecture Working Group Meeting to be held from June 5-7 to address the pressing issues faced by the global economy.

During the course of the three-day meeting, ways to improve the international financial architecture and address the pressing issues faced by the global economy will be up for deliberations.

The 3rd International Financial Architecture Working Group (IFAWG) is one of the important work streams under the G20 Finance Track with a focus on strengthening the international financial architecture.

"The 3rd IFAWG meeting in Goa is a crucial opportunity for the G20 to advance the reforms of the International Financial Architecture and address the global challenges of the 21st century. Goa is proud to host this important group and contribute to the global financial stability and development," said Sanjit Rodrigues, the Nodal Officer (G20).

During the course of India's G20 Presidency, this working group has already met twice before. The first meeting was held in Chandigarh on January 30-31, 2023 while the second meeting was held in Paris, France on March 30 and 31.

Those meetings discussed issues pertaining to strengthening multilateral development banks and how to address challenges associated with debt.

The International Financial Architecture Working Group (IFAWG) is a forum that brings together finance ministers and central bank governors from G20 countries to discuss issues related to international financial architecture.

The group was established in 1999 as part of the G20 process and has since played an important role in shaping global economic policy. (ANI)