UAE participates in first G20 Finance and Central Bank Deputies meeting
Abu Dhabi, The Gulf Observer: The UAE participated in the first G20 Finance and Central Bank Deputies meeting, which was held on the 13th and 14th of December 2022. Held for the first time under India’s G20 presidency in Bengaluru, the meeting sought to discuss the G20 priorities set by the Indian presidency and the Finance Track agenda for 2023.
Ebrahim Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE; Ali Abdullah Sharafi, Acting Assistant Under-Secretary for the International Financial Relations Sector at the Ministry of Finance; and Thuraya Hamed Al Hashemi, Director of the International Tax Department at Ministry of Finance participated in the meeting. The meeting was also attended by the Finance and Central Bank Deputies of the G20 member and invited countries, as well as attendees from international and regional organisations.
During the meeting, the attendees discussed several topics including challenges to economic growth, global financial stability, infrastructure priorities, sustainable finance, international taxation, digital financial inclusion, and joint finance and health priorities. Members also discussed the global economic outlook and risks, and issues around financing and investment in infrastructure. They also deliberated on the progress toward achieving the Sustainable Development Goals and the financing requirements to achieve these objectives. Additionally, members discussed the priorities for the G20 in relation to international taxation in 2023, explored policy responses to tackle emerging global challenges, and deliberated ways to enhance the stability and sustainability of the global financial systems and markets.
On Sustainable Finance, the UAE team emphasised the importance of multilateral cooperation to target the challenges MSMEs face in accessing affordable financing tools for the transition. The team also underscored the importance of such cooperation in establishing a better understanding of the available financing tools and ensuring that the supply meets the current and future demand of the transition.
The team also mentioned the UAE is devising sustainable finance policies by collaborating with the private sector to accelerate local transition and achieve the objectives of the UAE Net Zero 2050. Furthermore, the team noted that the UAE, as the upcoming COP 28 host (28th session of the Conference of the Parties), would like to work with the Indian presidency and the G20 partners on creating an alignment mechanism with the G20 to expand the impact of these priorities on a larger scale, stressing the need to build on the common goals and aspirations of the G20 and COP during 2023.
On the joint finance and health priorities, the UAE team stated that the country supports the direction to strengthening coordination between G20 Finance and Health ministries. The team noted that such operational setup will ensure the improved coordination with the Pandemic Fund, which has been a significant milestone towards the global effort to closing the funding gap and developing pandemic Prevention, Preparedness, and Response capacity globally. It will also ensure the representation of low-income countries in the decision-making process.
The UAE team noted that it will be important to also focus on promoting investments for pandemic Prevention, Preparedness, and Response, and on the best models to devise innovative and sustainable financing solutions to address other current global health challenges.
The UAE has been invited by India to participate in the G20 in 2023. This is the first meeting of the Finance Track under India’s G20 presidency. The attendees agreed to discuss the progress during their next meeting which will take place in February 2023.
