On February 24 and 25, 2023 in Bangalore, Switzerland is taking part in the first meeting of G20 finance ministers and central bank governors under the Indian presidency. Topics include in particular the global economic situation, the high and worrying level of public debt and inflation, and work in the area of international corporate taxation. Switzerland is represented at the meeting by Deputy State Secretary Stefan Flückiger – on behalf of Federal Councillor Karin Keller-Sutter – and Swiss National Bank Chairman Thomas Jordan.
The finance ministers and central bank governors are discussing how to address the increasing risks of over-indebtedness in many countries and how to strengthen multilateral development banks. They are also discussing possible responses to the persistently high levels of inflation internationally and the high food and energy prices. They also pursuing initiatives to make financial flows and climate financing more sustainable. Finally, the participants are further discussing the pending rules on the taxation of large international companies.
The Swiss delegation, led by Deputy State Secretary Stefan Flückiger, is calling for an open international economic and financial exchange with clear and predictable rules. Switzerland is also highlighting its financial commitment, such as its CHF 50 million contribution to the IMF’s Poverty Reduction and Growth Trust (PRGT).
At the invitation of India, Switzerland is participating in the G20 Finance Track. The meeting of finance ministers held on February 24 and 25, is the first of four such meetings in 2023.