The primary reason for the establishment of the G20 in 1999 was to create an informal forum for the Finance Ministers and Central Bank Governors of the world's major industrialized and developing economies to discuss international economic and financial stability. This was in direct response to the Asian financial crisis of 1997–1998, which highlighted the need for a broader and more inclusive platform beyond the G7 to address challenges to global economic stability and to foster cooperation among systemically important economies
. The G20 was conceived to fill a gap in the international economic governance structure by including emerging economies alongside advanced ones, reflecting the changing global economic landscape and the increasing integration of global financial markets. Its mandate was to promote stable and sustainable world economic growth, prevent and resolve international financial crises, and discuss economic and financial issues where consensus had not yet been achieved
. In summary, the G20 was established primarily to enhance global economic and financial stability by providing a forum for dialogue and cooperation among the largest and most influential economies in the wake of significant financial crises in emerging markets during the late 1990s
