Bali, Indonesia: UAE Minister of State for Financial Affairs, Mr. Mohamed Hadi Al Hussaini represented the country in the 3rd G20 Finance Ministers and Central Bank Governors (FMCBG) meeting for 2022.
The gathering which was held under Indonesia’s G20 presidency, on 15th and 16th July 2022 engaged on various topics such as the latest global economic developments and the expected effects of geopolitical challenges.
The G20 work plan aimed at strengthening and financing the health sector’s readiness and the progress made by the working groups of the G20 finance track was also among the matters which were discussed.
Other UAE officials who joined Mr. Al Hussaini at the event are;
- Saeed Rashid Al Yateem, Assistant Under Secretary of the Resource and Budget Sector at the Ministry of Finance (MoF)
- Ali Abdullah Sharafi, Assistant Undersecretary of the International Financial Relationship Sector at MoF and
- Thuraiya Alhashmi, Projects Manager at MoF
Apart from Finance Ministers and Central Bank Governors from G20 as well as other invited nations, the meeting also witnessed the presence of officials from regional and international organizations.
MAJOR TALKING POINTS
Attendees at the 3rd FMCBG meeting reviewed the latest global economic developments related to the geopolitical tensions, global economic growth prospects, inflation, food security, and the impact of supply chain disruptions on global trade.
The gathering also deliberated on the latest updates from the health sector, as well as countries’ ability to support the global economy’s recovery from the repercussions of the COVID-19 pandemic.
Additionally, the participants discussed about global financial stability, including financial and macroeconomic risks, global debt, and digital currencies.
Apart from engaging on climate-related financial and economic risks, the meeting also reviewed the progress of G20’s work plan aimed at scaling up sustainable finance, as well as promote infrastructure resilience and investments.
Digital financial inclusion with a focus on underrepresented groups, as well as the progress made on International Taxation were also among discussion topics.
UAE EXTENDS SUPPORT
Commenting on the priorities of Indonesia’s G20 Presidency for the global health agenda, Mr. Al Hussaini revealed that the UAE is committed to support the Financial Intermediary Fund (FIF) for Pandemic Prevention, Preparedness and Response (PPR).
The UAE had earlier pledged and committed to giving $20 million in support of FIF. The Fund is expected to bring additional, long-term, dedicated resources for PPR, and help developing countries become better prepared for future pandemics.
The UAE Minister highlighted the significance of the G20’s role in coordinating financial and monetary policies to sustain the global economy’s stability, especially in light of the continuing rise in prices and the impact of global supply chain disruptions.
Additionally, Mr. Al Hussaini underscored the significance of strengthening international cooperation when addressing climate-related issues.
The UAE Official stated that, “As the upcoming host of COP28, the UAE welcomes opportunities to continue to work with the G20 and take concrete actions to address climate change challenges.”
“We emphasize the importance of the private sector’s participation in the G20 sustainable finance agenda. We also encourage the continued exploration of new ways to engage the private sector for the achievement of an orderly, just, and affordable sustainable finance framework.”
The UAE Minister of State for Financial Affairs remarked while discussing sustainable finance.
On International Taxation and Base Erosion and Profit Shifting (BEPS) initiative led by the Organization for Economic Co-operation and Development (OECD) and the G20, Mr. Al Hussaini referenced the importance of ensuring that the rules and the timeline for implementation are appropriate for the tax systems in various countries.
The UAE Minister also emphasized on the need for reaching a solution that underpins equitable allocation of taxing rights while highlighting the significance of greater international collaboration and engagement with the business community and tax policy makers as countries start to embark on the implementation journey.
On the sidelines of the FMCBG meeting, Mr. Al Hussaini met with Mr. Lawrence Wong, Singaporean Deputy Prime Minister and Finance Minister, and Dr. Nureddin Nebati, Turkish Minister of Finance and Treasury, and their accompanying delegations.
Both meetings focused on bolstering bilateral relations and collaboration within the G20 priorities.