The UAE, represented by the Ministry of Finance and the Central Bank of the UAE, participated in the third meeting of Finance Ministers and Central Bank Governors of the G20 (G20 FMCBG), which took place on July 25-26 under Brazil’s presidency for the year 2024.
The event was held in Rio de Janeiro with the presence of representatives from member countries, invited nations, and international financial organizations and institutions.
The UAE’s delegation to the meeting was led by HE Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, and included HE Ibrahim Obaid Al Zaabi, CBUAE’s Assistant Governor of the Monetary Policy and Stability Department; HE Ambassador Majid Al Suwaidi, COP28 Director-General; Ali Abdullah Sharafi, Assistant Undersecretary of the International Financial Relationship Sector at the MoF; and Thuraiya Hamed Alhashmi, Director of International Financial Relations and Organizations Department at the MoF.
On the sidelines of the meeting, Brazilian President Luiz Inácio Lula da Silva met with HE Mohamed Bin Hadi Al Hussaini to discuss common issues, including enhancing bilateral cooperation in sustainable finance. The meeting was attended by HE Saleh Al Suwaidi, UAE Ambassador to Brazil.
Al Hussaini emphasised that the third G20 FMCBG meeting in Rio de Janeiro is yet another testament to the importance of international cooperation in addressing global economic challenges and strengthening financial stability.
“Our discussions at the event focused on enhancing financial inclusion, promoting international tax cooperation, and sustainable finance, which are vital steps towards our development and climate objectives. The UAE strongly supports the Group’s efforts to bolster international collaboration, tackle global challenges, and provide essential support for global economic development and sustainable financial stability. We are confident that through collective action, we can achieve our shared objectives,” he stated.
Supporting Development Banks:
Emphasising the importance of developing climate-resilient infrastructure and enhancing transparency in sustainability reporting, Al Hussaini said: ” The UAE firmly believes that investing in sustainable and resilient infrastructure is crucial for long-term economic growth.”
“The UAE champions strengthening multilateral development banks to better meet development objectives and promote sustainable financing while also underpinning solid and credible strategies. Moreover, advancing sustainable financial flows and addressing debt vulnerabilities in low-income countries are still top priorities, which we aim to achieve through deepened international cooperation,” added Al Hussaini.
Practical Steps:
The meeting explored avenues for assessing progress in implementing the G20 priorities for 2024, identified by Brazil in line with its role as Chair of the current session.
Participants also discussed the prospects for the global economy, and ways to enhance financial inclusion, facilitate international tax cooperation, promote sustainable financing for development and climate goals, fostering resilient capital flows, address debt vulnerabilities, and advance the reform of multilateral development banks.
They exchanged views on emerging trends and risks facing the global economy, with a particular focus on the economic impacts of climate change and transition policies. The discussion also covered ways to enhance international cooperation to address these global challenges.
Debt Settlement:
The meeting addressed key topics such as financing climate-resilient infrastructure, promoting sustainable financing to support credible, robust, and equitable transition plans, and establishing disclosure standards for reliable sustainability reports.
Discussions also covered debt, capital flows, and the reform of multilateral development banks. The group explored effective strategies to tackle debt-related challenges in low-income countries, enhance capital flows to emerging and developing markets, and advance the effectiveness and scale of multilateral banks.
HE Mohamed Bin Hadi Al Hussaini participated in the event, held on the sidelines of the G20 finance ministers and central bank governors’ meetings. The event was jointly organised by COP28 and Brazil, the current G20 chair, focusing on advancing sustainable finance.
The UAE also took part in the first G20 finance ministers and central bank governors meeting on February 28-29, 2024, in São Paulo, Brazil, and the second meeting on April 18-19, 2024, in Washington, DC, held alongside the World Bank and IMF meetings. This marks the UAE’s fifth participation in the G20 summits, following previous guest roles in India (2023), Indonesia (2022), Saudi Arabia (2020), and France (2011).