UAE participates in first meeting for G20 ministers of finance

At the end of the first FMCBG meeting, G20 finance ministers, central bank governors, and international organisations, approved the work plans for the Working Groups, and signed off the first Finance Track communique of the year

Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, represented the UAE in the first G20 finance ministers and central bank governors (FMCBG) meeting in 2022, which was held in Jakarta, Indonesia on February 17-18, 2022.

The meeting sought to discuss the three main pillars identified by Indonesia in its G20 2022 Presidency namely: Global Health Architecture, Sustainable Energy Transition, and Digital Transformation.

Saeed Rashid Al Yateem, assistant under secretary of the Resource and Budget sector at the Ministry of Finance (MoF) and senior officials from the ministry attended the meeting, alongside finance ministers and central bank governors of the G20 member and invited countries and officials from regional and international organisations.

Mohamed Bin Hadi Al Hussaini stressed on the importance of this meeting, which provides a platform that allows finance ministers and central bank governors to discuss several financial and economic issues, and provides an opportunity to unify efforts to ensure continuous growth and sustainable global economic development.

“The UAE stresses on the importance of collaboration to explore synergies and advance the sustainable finance roadmap. We are keen to collaborate with Sustainable Finance Working Group and COP to integrate and promote sustainable finance priorities,” he said. “The UAE stresses the importance of ensuring stability and a smooth global economic recovery. The UAE continues to push for the prioritisation of finance track priorities including enhancing remittances, advancing digital currencies, and leveraging technology to enhance MSMEs access to finance.”

He also referenced the importance of global coordination in implementing tax reform, saying: “The UAE reiterates the support for the two-pillar approach to address the tax challenges arising from the digitalisation of the economy. A globally coordinated approach is critical in implementing this landmark international tax reform.”

At the end of the first FMCBG meeting, G20 Finance Ministers, Central Bank Governors, and international organisations, approved the work plans for the Working Groups, and signed off the first Finance Track communique of the year. The next FMCBG meeting will take place in Jakarta on April 21-22, 2022.

The second Finance and Central Bank Deputies (FCBD) Meeting took place on February 15-17, 2022. Saeed Rashid Al Yateem, assistant under secretary of the Resource and Budget Sector at the Ministry of Finance; along with Thuraya Al Hashemi, projects manager at Ministry of Finance attended the meeting, during which the First Communique Drafting for the FMCBG meeting was discussed.

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