The UAE Ministry of Finance (MoF) will participate in the Finance Track of the 2024 Group of 20 (G20), following an invitation from the Federative Republic of Brazil who assumed the presidency of the G20 on December 1, 2023, and will host the G20 Summit in Rio de Janeiro on November 18-19, 2024. Brazil’s invitation is testament to the long-standing bilateral relations between the UAE and Brazil.

The Ministry’s engagement in the Finance Track commences with the G20 Finance and Central Bank Deputies (FCBD) meeting scheduled for 14-15 December 2023 in Brasília, which will discuss the G20 Finance Track priorities set by Brazil’s Presidency. The meeting will be preceded by a Joint Sherpas and Finance and Central Bank Deputies meeting, which will bring together the Sherpa and Finance Tracks to discuss topics related to hunger, climate change, and bioeconomy.

His Excellency Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, expressed his gratitude for Brazil’s invitation to participate in the G20 Finance Track. He said: “We applaud the Presidency’s agenda of reducing social and economic inequalities around the globe with its motto – building a just world and a sustainable planet. These are critical issues and it is timely that the international community prioritises them in international forums in the coming year.”

“The UAE Ministry of Finance is aligned with the Finance Track priorities, and we are ready to work on its key issues, such as improving international financial institutions, addressing persistent debt burdens, and effectively mobilising public and private resources towards a more sustainable global economy.”

During the course of its participation in the G20 Finance Track, the Ministry of Finance has consistently advocated for building resilience in global supply chains and multilateral collaboration in the Framework Working Group. As a global hub, the UAE plays a leading role in strengthening international partnerships and promoting international economic and financial cooperation in line with the Ministry of Finance’s objectives set out in its Strategic Plan 2023-2026, and the ‘We the UAE 2031’ vision.

As the COP28 Presidency, the UAE has sought to address the macroeconomic impacts of climate change by building bridges between the G20 and COP28. The UAE has highlighted issues that affect vulnerable countries such as heavy debt burdens which affects their ability to invest in sustainable development.

In this context, His Excellency Al Hussaini congratulated Brazil on being selected to host COP30, the first COP ever to be held in the Amazon region. He extended the UAE Ministry of Finance’s readiness to share its experience to help shape the climate finance-related agenda.