UAE Participates In Inaugural G20 Finance And Central Bank Deputies Meeting In Johannesburg

The UAE took part in the initial G20 Finance and Central Bank Deputies meeting under South Africa's G20 Presidency. This event occurred in Johannesburg from 11th to 12th December 2024. The gathering, along with the Joint Sherpa and Finance Deputies Meeting, aimed to advance the G20 Finance Track priorities for 2025, aligning with South Africa's theme of Solidarity, Equality, and Sustainability.

The UAE delegation was led by Younis Haji AlKhoori, Undersecretary of the Ministry of Finance, and Ebrahim Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE. Discussions during the meeting focused on crucial topics such as global economic outlook, financial stability, debt vulnerabilities, sustainable finance, infrastructure development, financial inclusion, health finance collaboration, and international taxation.

On the global economic outlook, the UAE stressed strengthening fiscal space and rebuilding macroeconomic buffers. They highlighted promoting inclusive economic recovery through international partnerships. The UAE acknowledged urgent global challenges impacting international financial architecture like low growth and high debt. The delegation supported South Africa's priorities in this regard.

AlKhoori emphasised innovative financing mechanisms to bolster global financial stability. He noted support for emerging markets and developing economies. The UAE also expressed strong support for the proposed work plan for the G20 Finance Track’s infrastructure agenda for 2025.

AlKhoori highlighted addressing fiscal constraints while engaging with global climate finance funds. He prioritised regional and sectoral needs to drive infrastructure investment. On financial sector issues, AlKhoori stressed improved data quality in cross-border payments.

He advocated greater use of artificial intelligence and cybersecurity alongside enhanced digital infrastructure to promote financial inclusion. The UAE backed South Africa's workplan for Sustainable Finance in 2025. This particularly aligns with global climate finance frameworks and developing domestic carbon markets.

Commitment to International Taxation

In international taxation matters, the UAE reiterated its commitment to a more inclusive tax system globally. AlKhoori underscored evaluating Pillar 2's impact on BEPS Action items while advancing tax transparency. Developing compliant tax incentives for multinational companies was also emphasised.

Furthermore, AlKhoori stressed strategic investments to address inequalities and ensure readiness for future health emergencies. At the FCBD meeting's conclusion, deputies reiterated their commitment to G20 priorities for 2025. They agreed to review progress at subsequent meetings.

With inputs from WAM