UAE Engages in G20 Finance and Central Bank Governors Meeting in Washington

WASHINGTON: The United Arab Emirates participated in the fourth G20 Finance Ministers and Central Bank Governors Meeting, held in Washington, D.C., on the sidelines of the Annual Meetings of the World Bank Group and the International Monetary Fund. The UAE delegation was led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and focused on multilateral cooperation, digital innovation, and sustainability. According to Emirates News Agency, Mohamed bin Hadi Al Hussaini emphasized the role of multilateral development banks in enhancing cooperation with local partners. He advocated for the establishment of regional centers to strengthen their presence in beneficiary countries, thereby facilitating joint investment opportunities. Al Hussaini highlighted the UAE's progress in digital infrastructure and financial innovation, aiming to promote financial inclusion through advanced technologies. He also mentioned initiatives to support micro, small, and medium enterprises in the UAE by improving access to financing through digital tools. In addressing climate challenges, Al Hussaini reaffirmed the UAE's commitment to the Paris Agreement and highlighted national contributions towards achieving those objectives. He noted the publication of a semi-annual transparency report as part of the UAE's efforts to uphold global environmental standards. The meeting also included discussions on enhancing multilateral development banks' efficiency and responsiveness to global needs, emphasizing the importance of improved governance and geographic representation. Members of the meeting stressed the need for collaboration between governments and the private sector to tackle development priorities. They called for the implementation of the multilateral development banks' roadmap, approved by the G20, through effective monitoring and reporting. Discussions also touched on global financial stability, current economic vulnerabilities, and strategies to manage large financial inflows while promoting financial inclusion, specifically for micro, small, and medium enterprises. Reflecting on the 25th anniversary of the G20 financial track, participants considered the global economy's evolution and the track's achievements. The session concluded with a focus on future economic projections and the challenges in pursuing sustainable development goals and adhering to the Paris Climate Agreement.