UAE Participates in Third G20 FMCBG Meeting in Brazil
Rio de Janeiro, The Gulf Observer: The United Arab Emirates, represented by the Ministry of Finance (MoF) and the Central Bank of the UAE (CBUAE), took part in the third meeting of Finance Ministers and Central Bank Governors of the G20 (G20 FMCBG), held on 25-26 July under Brazil’s presidency for the year 2024.
The high-profile event, convened in Rio de Janeiro, gathered representatives from member countries, invited nations, and international financial organizations and institutions.
The UAE delegation was led by Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, and included key officials such as 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 of the meeting, Brazilian President Luiz Inácio Lula da Silva engaged in discussions with Mohamed Hadi Al Hussaini on enhancing bilateral cooperation in sustainable finance. The meeting was attended by Saleh Al Suwaidi, UAE Ambassador to Brazil.
Al Hussaini emphasized the significance of the third G20 FMCBG meeting in Rio de Janeiro as a 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.
Highlighting the need for climate-resilient infrastructure 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, “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.”
The meeting reviewed progress on G20 priorities for 2024, set by Brazil in its role as Chair. Participants discussed global economic prospects, financial inclusion, international tax cooperation, sustainable financing for development and climate goals, resilient capital flows, debt vulnerabilities, and multilateral development bank reforms.
Views were exchanged on emerging trends and risks in the global economy, particularly the economic impacts of climate change and transition policies, alongside ways to enhance international cooperation to address these challenges.
Key topics included financing climate-resilient infrastructure, promoting sustainable financing to support credible and equitable transition plans, and establishing standards for reliable sustainability reports. Debt, capital flows, and the reform of multilateral development banks were also discussed, focusing on strategies to address debt challenges in low-income countries, enhance capital flows to emerging markets, and improve the effectiveness of multilateral banks.
Al Hussaini participated in an event organized by COP28 and Brazil, the current G20 chair, focusing on advancing sustainable finance. The UAE also took part in previous G20 meetings in 2024, marking its fifth participation in G20 summits, following guest roles in India (2023), Indonesia (2022), Saudi Arabia (2020), and France (2011).
