Washington, USA – The finance ministers and central bank governors (FMCBG) of the G20 reviewed the progress made by the Finance Track and explored the views of its members on the priorities and goals set by the Indian presidency for this year.
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, led the UAE delegation at the meeting, held on the sidelines of the 2023 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) in Washington, DC from 10th to 16th April, WAM reported.
Ministers of Finance and Central Bank Governors from G20 member countries, invited countries, and international organizations attended the meeting.
Al Hussaini reiterated the importance of considering the different circumstances of low- and middle-income country groups in order to address global debt vulnerabilities, according to WAM.
On climate change, Al Hussaini advocated for greater multilateral collaboration to facilitate coordinated responses to the macroeconomic implications of climate change and to facilitate exploration of opportunities to address climate risks.
“The collaboration between the G20 and COP28, which will be hosted by the UAE at Expo City Dubai in November, will be key to establish a strong foundation for providing actionable insights to address the macroeconomic effects of climate change”, he said.
Al Hussaini stated, “As the upcoming COP28 host, the UAE will work to advance collective cooperation between all governments, companies, youth and the civil society to devise practical climate solutions, raise ambitions, and enhance sustainable economic growth. The goal is to make COP28 inclusive and effective, uniting all sectors in developed and developing countries to focus on realistic solutions.”
He also stressed that the UAE is working tirelessly to support the international community in pursuit of an ambitious agenda that focuses on implementation and highlights opportunities and motives.
On strengthening the role of Multilateral Development Banks (MDBs), Al Hussaini noted that the UAE welcomed the formation of the G20 expert group to provide advisory on enhancing the financing role of MDBs and the MDB ecosystem.
During the meeting, the members’ discussions focused on economic cooperation to address uncertainties in the global economic outlook, and ways to scale up sustainable finance and financing for SDGs.