03 October 2022: The Ministry of Finance (MoF) participated in the third Framework Working Group (FWG) meeting within the G20 Finance Track for 2022. The meeting was held in a hybrid format on 29 and 30 September 2022 in Bali, Indonesia, and sought to discuss key global economic issues.

His Excellency Ali Abdullah Sharafi, Assistant Undersecretary of the International Financial Relationship Sector at MoF; and Shamma Abdelghani, Project Manager and Deputy Chief Innovation Officer at MoF attended the meeting. In attendance also were G20 members, invited countries, invited non-G20 member countries, and representatives of international organisations including the World Bank, the International Monetary Fund (IMF), and the Organisation for Economic Co-operation and Development (OECD).

The UAE team praised the key role played by the group in following up on the economic repercussions of the COVID-19 pandemic, and in setting key priorities to ensure the continuity of economic recovery and the stability of financial systems. The team also emphasised the significance of coordinating international efforts to mitigate the effects of rising food prices, and drawing effective policies to develop long-term solutions that are commensurate with the challenges brought on by climate change.

The meeting discussed global economic outlook and focused on the risks including high inflation, weak economic growth, means of preserving energy security, health risks, in addition to food security and macroeconomic implications of the climate change.

During the meeting, the attendees discussed means of supporting global economic growth and mitigating global risks, and key challenges faced by the financial sector, especially in low-income countries. They also deliberated global cooperation to help mitigate spillover risks to financial stability, current volatility in global food markets, and short and medium-term macroeconomic risks, particularly for emerging markets. That, in addition to the efforts made to accelerate the transition to climate neutrality and means of mitigating the repercussions of this transition.

At the end of the meeting, the members agreed to finalise the group’s contribution to the upcoming G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, which will be held on 12 and 13 October 2022 in Washington. They also emphasised the need to continue the discussions on the latest global economic developments and risks as well as policy responses, in preparation for India’s forthcoming G20 Presidency in 2023.