UAE Participates in the Second Framework Working Group Meeting within the G20 Finance Track for 2023
25 March 2023
25 March 2023
The UAE participated in the second Framework Working Group (FWG) meeting within the G20 Finance Track for 2023, which was held in Chennai, India, from the 24th to 25th of March to discuss the progress made on the 2023 FWG work plan.
G20 members, invited countries, and international organisations attended the meeting. The UAE delegation included Shamma Yousif Abdelghani, Project Manager and Deputy Chief Innovation Officer at the Ministry of Finance, Saood AlNoori, Head of Asia Affairs – Diplomatic Engagement COP28, and Fares Khamis Al Kaabi, Senior International Economic Analysis at the Central Bank of the UAE.
FWG members discussed global economic outlook and challenges with specific focus on global inflation. Additionally, they shared their views on food and energy insecurity by emphasising their implications on growth prospects and inflation.
During the meeting, the UAE delegation presented the UAE’s economic outlook in light of the current global landscape, including economic uncertainties and inflation levels. The UAE delegation further emphasised the importance of coordinated short and long-term policy measures to promote food and energy security. Lastly, the UAE delegation highlighted emerging uncertainties in the finance sector and discussed effective ways to promote global financial stability and prevent spillover effects.
The Indian presidency had also arranged a side event for the members to discuss macroeconomic risks stemming from climate change and transition pathways. The side event was co-organised with the UAE, as the upcoming host of COP28, where the outcome of the discussions of the side event will help guide the G20 report on the macroeconomic risks stemming from climate change and transition pathways.
The members agreed to review the progress on the groups’ work plan during the next upcoming meeting, at a date to be set by the Indian presidency.