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The UAE participated in the second International Financial Architecture Working Group (IFA) meeting within the G20 Finance Track for 2022, which was held virtually on 27 and 28 January 2022. The meeting, which was held under G20 Indonesian Presidency, discussed issues related to global financial resilience including international trade and finance as well as sovereign debt sustainability and transparency.Asma Alzarooni, Head of Exchange of Tax Information Section at MoF, 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 members discussed recent developments in the international capital flows, particularly in emerging markets and the need for adequate policy responses; to accelerate the global financial recovery process. They also discussed the implications of diversifying the use of currencies in international trade and finance and the debt vulnerabilities in developing countries. The members stressed on the importance of debt transparency in ensuring the sustainability of the sovereign debt.The UAE stressed on the importance of continuing the structural reforms in supporting global financial stability during the current phase; considering the importance of the continuous COVID-19 pandemic recovery in achieving strong, comprehensive and sustainable growth while emphasising the importance of balancing between the current phase needs and the long-term growth requirements. The UAE also stressed on the importance of international organisations role in supporting low-income debt-burdened countries to enhance corporate capabilities and develop operational abilities, particularly in debt management and financial disclosure.At the end of the meeting, the members and international organisations participating in the meeting agreed on G20 work plan for the year 2022; and progress in this regard will be deliberated at the group’s next meeting in March 2022.
