UAE Participates in the Third International Financial Architecture Working Group Meeting within the G20 Finance Track for 2022

​The UAE recently participated in the third International Financial Architecture Working Group (IFA) meeting within the G20 Finance Track for 2022, which was held virtually on 24 and 25 March 2022. The meeting, which was held under G20 Indonesian Presidency, discussed issues related to global financial resilience, including capital flows, financial innovation, and sovereign debt sustainability and transparency.Asma Alzarooni, Head of Exchange of Tax Information Section at the Ministry of Finance, and Khalifa Al Faheem, Director, Monetary Operations at Central Bank of the UAE participated in the meeting, along with G20 members, invited countries, representatives from international organisations and the IFA working group’s affiliated partners.The attendees discussed Multilateral Development Banks’s efforts in helping meet the longer-term financing needs of developing countries. They also exchanged views on ways of addressing capital flows volatility, as well as the debt transparency issues in low-income developing countries.The UAE team stressed on the importance of devising more flexible legislative frameworks to keep pace with the accelerated innovation in applying digital solutions in financial services, including lending, asset management, and insurance. With regard to debt relief efforts, the UAE team noted that raising awareness about sovereign debt relief initiatives for low-income countries can significantly increase countries’ participation in these initiatives, and international organisations can play a key role by communicating with all relevant parties in the countries benefiting from these initiatives.At the end of the meeting, the members and international organisations participating in the meeting agreed to follow-up on the group’s work for 2022; and progress in this regard will be deliberated during the group’s next meeting in June 2022.​