UAE takes part in G20 Finance Ministers and Central Bank Governors meeting

UAE takes part in G20 Finance Ministers and Central Bank Governors meeting

UAE takes part in G20 Finance Ministers and Central Bank Governors meeting

JAKARTA, 18th February, 2022 – Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, has represented the UAE in the first G20 Finance Ministers And Central Bank Governors (FMCBG) meeting in 2022, which was held in Jakarta, Indonesia on 17th and 18th February 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, central bank governors of the G20 member, invited countries and officials from regional and international organisations.

Al Hussaini highlighted 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 offers an opportunity to unify efforts to ensure continuous growth and sustainable global economic development.

He added, “The UAE stresses 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.

“The UAE stresses 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 noted.

Al Hussaini shed light on 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 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 occur in Jakarta on 21st and 22nd April 2022.

The 2nd Finance and Central Bank Deputies (FCBD) Meeting took place on the 15th, 16th and 17th of February 2022.

Al Yateem and Thuraya Al Hashemi, Projects Manager at Ministry of Finance, attended the meeting, during which the First Communique Drafting for the FMCBG meeting was discussed.

World News

TDPel Media

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