His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, headed the UAE delegation participating in the third G20 Finance Ministers and Central Bank Governors (FMCBG) meeting from 16 to 18 July in Gandhinagar, Gujarat. The meeting discussed the progress made under the G20 priorities set by the Indian presidency for the year 2023.

During the meeting, His Excellency Mohamed Al Hussaini reiterated the need to remain cautious regarding the ongoing economic uncertainty and the uneven levels of global economic growth. His Excellency highlighted that this requires continued global collaboration through the G20 to promote food and energy security, and the prioritization of policy making to address investment-for-development challenges and to set the stage of the future of the multilateral trade system by developing solutions for economic and development challenges.

Regarding climate change, His Excellency lauded the G20 and COP28 collaboration on this global priority. He said: “We commend the Group’s dedicated efforts to explore the macroeconomic risks arising from climate change, which were collated from the valuable insights of the Joint G20-COP28 Panel Discussion.”

Regarding the ongoing finance and health collaboration, His Excellency Al Hussaini emphasized the importance of considering existing financing solutions, such as The Pandemic Fund at G20, that aim to identify vulnerabilities and risks within global health financing.

Lastly, on financial inclusion, His Excellency Al Hussaini highlighted the important role of developing digital public infrastructure and enhancing financial regulations to expand inclusive financial services.

The meetings were attended by ministers of finance and central bank governors of G20 member countries, guest countries, and international financial organizations and institutions. The UAE delegation, led by His Excellency Mohamed bin Hadi Al Hussaini, included His Excellency Younis Haji Al Khoori, Under-Secretary of Ministry of Finance; His Excellency Ebrahim Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE; Hamad Al Zaabi, Director of the Office of His Excellency Minister of State for Financial Affairs; Thuraiya Al Hashmi, Director of International Tax Department at the Ministry of Finance; and Fares AlKaabi, Senior Analyst, Research and Statistics Department at the Central Bank of the UAE.

During the FMCBG meeting, members discussed several agenda items related to the global economic outlook, joint health and finance efforts for pandemic preparedness and response, Multilateral Development Banks’ reforms, global debt vulnerabilities, sustainable finance, infrastructure development, financial inclusion, and international taxation.

Members discussed strengthening multilateral coordination to build a conducive environment for global economic recovery and building food and energy security. Members reviewed the progress on implementation of the Multilateral Development Banks’ Capital Adequacy Framework (CAF). Members also reviewed the potential implications of Central Bank Digital Currencies (CBDCs) and discussed ways to further the tax transparency agenda. Members also exchanged views on building the global crypto asset ecosystem, enhancing preparedness to combat health challenges, leveraging Digital Public Infrastructure (DPI) for building future ready cities, and developing the 2023 Financial Inclusion Action Plan (FIAP) to address financial inclusion challenges.

On the sidelines of the FMCBG meeting, the UAE delegation attended two side events, the G20 High Level Tax Symposium on Combating Tax Evasion, Corruption and Money Laundering and the G20 Infrastructure Investors Dialogue – Leveraging Funding and Financing Mechanisms and Approaches for the Cities of Tomorrow.

Meetings

His Excellency Younis Al Khoori met with Elena Flores, Deputy Director-General, European Commission, to align on G20 priorities and showcase UAE’s COP28 agenda and priorities; with Emmanuel Moulin, Director-General of the French Treasury, to discuss global climate finance priorities; with Tatiana Rosito, Secretary for International Affairs at the Brazilian Ministry of Finance, to discuss areas of collaboration regarding the Brazilian Presidency of the G20 in 2024.

At the end of the third G20 Finance Ministers and Central Bank Governors meeting, the ministers and governors reiterated their commitment to the G20 priorities and agreed to review the final outcomes for the year during the next meeting, which will be held in Marrakesh on 12 and 13 October, 2023.