The UAE, represented by the Ministry of Finance and the Central Bank of the United Arab Emirates, participated in the third meeting of the Group of Twenty finance ministers and central bank governors, “G20 FMCBG”, on July 25 and was held. On the 26th, under the presidency of the Brazilian group for the year 2024, in the city of Rio de Janeiro, in the presence of representatives of member states, invited countries, international financial institutions and organizations.
The state delegation participating in the meeting was headed by Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, and in that delegation was Ibrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability of the Central Bank. Ambassador of Excellence Majid Al Suwaidi, Director General of the COP28 Summit, and Ali Abdullah, Acting Undersecretary of the Ministry of Finance for International Financial Relations and Soraya Hamid Al Hashemi, Director of International Financial Relations and Institutions of the Ministry of Finance. .
On the sidelines of the meeting, Governor Luiz Inacio Lula da Silva received the President of the Federal Republic of Brazil, Mohammed bin Hadi Al Husseini, and discussed common issues between the two friendly countries, including ways to improve bilateral cooperation. areas of sustainable financing, in the presence of US Ambassador Saleh Al Suwaidi.
At the third meeting of finance ministers and G20 central bank governors, His Excellency Al-Husseini emphasized that the meeting reflects the importance of international cooperation to address global economic challenges and improve financial stability.
He said: “Our discussions on improving financial inclusion, facilitating international tax cooperation and promoting sustainable financing are an important step towards achieving development and climate goals, and the UAE reaffirms its support team to improve international cooperation to address global challenges and development. to provide the necessary support to advance the global economy and achieve financial stability, and we are sure that working together will allow us to achieve our common goals.”
Regarding ways to improve climate-resilient infrastructure and facilitate disclosure standards, His Excellency Al Husseini said: “The UAE believes that investing in a sustainable and strong infrastructure is the key to sustainable economic growth. We also emphasize the focus on supporting multilateral development banks to achieve more effective development goals. to be, and promote sustainable financing to promote reliable and robust plans promoting sustainable financial flows and debt-related vulnerabilities in low-income countries among the priorities we want to achieve through close international cooperation.
The meeting focused on assessing the progress made in setting the G20 priorities for 2024, identified by Brazil as the current session’s president, and on taking concrete steps forward, as the group discussed the outlook for the global economy, improving finances. inclusion, facilitating international fiscal cooperation and promoting sustainable financing to achieve development goals and climate, as well as promoting resilient capital flows, addressing debt vulnerabilities and advancing multilateral development bank reforms.
Those who took part in the meeting exchanged views on emerging trends and risks in the world economy, paying particular attention to the economic impacts of climate change and transition policies, as well as ways to improve international cooperation to face these global challenges.
The meeting also discussed financing climate-resilient infrastructure, improving sustainable financing to support reliable, robust and fair transition plans, and facilitating similar and reliable disclosure standards for sustainability reporting, where finding ways to be effective in addressing debt challenges in low-income countries, rising increasing capital flows to existing and developing market economies and leading to better, bigger and more efficient multilateral banks.
His Excellency Mohammed bin Hadi Al Husseini participated in the meeting on the sidelines of the meetings of finance ministers and central bank governors, jointly organized by the COP28 Conference of the Parties and Brazil, as president of the current session of the G20. , about ways to make sustainable financing available.
It is noteworthy that the UAE participated in the first meeting of finance ministers and central bank governors of the Group of Twenty countries, “G20 FMCBG”, which was held on February 28-29, 2024 in the city of Sao Paulo (Brazil). , under the presidency of the Brazilian team for the year 2024. The second meeting, held on the sidelines of the World Bank and International Monetary Fund Meetings, took place in Washington on April 18-19, 2024.
It is worth noting that the UAE is participating for the fifth time in the G20 summit, as it participated as a guest in India in 2023, in Indonesia in 2022, and before that in the Kingdom of Saudi Arabia in 2020 and in France in 2011. WAM
