On the sidelines of the Sixth Global Solutions Summit 2022, which was held under the theme 'Listen to the world: Promoting social well-being within planetary boundaries,' His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, today participated in a panel discussion titled 'Economic Transformation'. The session was organised by Think20 (T20) Task Forces, which is one of G20 engagement groups.The panel discussion, which was chaired by Akshay Mathur, the T20 Task Force Co-Chair, sought to explore the impact of geopolitical and geo-economic challenges on the global financial system, and assess the measures taken by the G20 and international financial institutions to strengthen the international financial system. The session also aimed to seek recommendations on addressing challenges and identify how the global financial system can be reconfigured to address the needs of the public, industry and the economy.During his intervention, His Excellency Mohamed Bin Hadi Al Hussaini stressed on the importance of collectively seeking to enable a sustainable and inclusive economic recovery, through addressing the recovery's priorities and requirements, and reducing the impact of supply chain disruptions, such as inflation, poverty, and unemployment. His Excellency said: “The corrective actions taken during the global financial crisis of 2008 contributed to developing strong financial systems, which enabled our economies to cope with the effects of the COVID-19 pandemic."His Excellency Mohamed Bin Hadi Al Hussaini reaffirmed the importance of the G20 agenda in ensuring a resilient global financial system, especially following the challenges imposed by the COVID-19 pandemic. His Excellency stated that the proactive measures taken by the UAE demonstrated the strength of the national economy, which is expected to increase by 4.2% by the end of 2022.His Excellency concluded his intervention by reiterating the country's commitment to the UAE Net Zero by 2050 strategic initiative, which aligns with the Paris Agreement. His Excellency noted that the UAE seeks to become a global sustainability hub, and will continue working with the G20 and other international bodies to integrate global efforts in this area as it prepares to host an impactful 28th session of the Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC) next year.This year's panel discussions were held in the presence of senior government officials, business leaders, top-level academic researchers, NGO leaders, and CEOs. In attendance were Olaf Scholz, German Chancellor; Christian Lindner, Federal Minister of Finance of Germany; Nadiem Makarim, Indonesian Minister of Education, Culture, Research and Technology; Johnny Plate, Indonesian Minister of Communication and Information Technology; Mathias Cormann, Secretary-General of the Organisation for Economic Co-operation and Development (OECD); and Michael Arthur, President, Boeing International;[STA1] as well as senior representatives from the government and the private sector.The Global Solutions Summit is an annual dialogue held during the mid of the year, where decision-makers, international organisations, research centres and other parties come together to deliberate key international policy challenges facing the Group of Twenty (G20) and the Group of Seven (G7).
