UAE Joins Global Leaders At Third G20 Finance Ministers Meeting In Brazil

The UAE, represented by the Ministry of Finance (MoF) and the Central Bank of the UAE (CBUAE), participated in the third meeting of G20 Finance Ministers and Central Bank Governors (G20 FMCBG). The event took place on 25-26 July under Brazil's presidency for 2024 in Rio de Janeiro. Representatives from member countries, invited nations, and international financial organisations attended.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, led the UAE delegation. The team included Ibrahim Obaid Al Zaabi, CBUAE’s Assistant Governor of the Monetary Policy and Stability Department; Ambassador Majid Al Suwaidi, COP28 Director-General; Ali Abdullah Sharafi, Assistant Under-Secretary of the International Financial Relationship Sector at the MoF; and Thuraiya Hamed Alhashmi, Director of International Financial Relations and Organisations Department at the MoF.

On the sidelines, Brazilian President Luiz Inácio Lula da Silva met with Mohamed Hadi Al Hussaini to discuss common issues. They focused on enhancing bilateral cooperation in sustainable finance. Saleh Al Suwaidi, UAE Ambassador to Brazil, also attended this meeting.

Al Hussaini highlighted that the third G20 FMCBG meeting underscores international cooperation's importance 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," he stated.

Emphasising climate-resilient infrastructure development and 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." He added that strengthening multilateral development banks to meet development objectives remains a priority.

The meeting explored ways to assess progress in implementing G20 priorities for 2024. Participants discussed prospects for the global economy and ways to enhance financial inclusion. They also talked about facilitating international tax cooperation and promoting sustainable financing for development and climate goals.

Debt Vulnerabilities

The group addressed debt vulnerabilities in low-income countries. They explored strategies to tackle debt-related challenges effectively. Enhancing capital flows to emerging markets was another key topic discussed during the meeting.

The discussions also covered reforming multilateral development banks to improve their effectiveness. Participants exchanged views on emerging trends and risks facing the global economy. They particularly focused on climate change's economic impacts and transition policies.

Previous Meetings

The UAE participated in earlier G20 finance ministers' meetings this year. These included events held on 28-29 February in São Paulo, Brazil, and 18-19 April in Washington, DC. This marks the UAE's fifth participation in G20 summits following previous roles in India (2023), Indonesia (2022), Saudi Arabia (2020), and France (2011).

The event addressed financing climate-resilient infrastructure and promoting sustainable financing for credible transition plans. Establishing disclosure standards for reliable sustainability reports was another key focus area.

"The UAE champions strengthening multilateral development banks to better meet development objectives," said Al Hussaini. He added that advancing sustainable financial flows remains a top priority through deepened international cooperation.

The meeting also discussed fostering resilient capital flows and advancing reforms of multilateral development banks. Participants shared views on enhancing international cooperation to address global challenges effectively.

The UAE continues to support efforts to bolster international collaboration. Tackling global challenges remains essential for achieving shared objectives like global economic development and sustainable financial stability.

With inputs from WAM