Mr. Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, has represented the UAE at the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, which was held recently in Jakarta, Indonesia.
The meeting discussed the three main topics identified by Indonesia in its G20 2022 Presidency, namely; Global Health Architecture, Sustainable Energy Transition, and Digital Transformation.
Mr. Saeed Rashid Al Yateem, Assistant Under-Secretary of the Resource and Budget Sector at the UAE Ministry of Finance (MoF), and senior officials from the ministry also attended the meeting. Finance ministers and central bank governors from G20 member countries and officials from regional and international organizations were present at the meet.
Mr. 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.
Minister of State for Financial Affairs further added that “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 prioritization of finance track priorities including enhancing remittances, advancing digital currencies, and leveraging technology to enhance MSMEs access to finance,” Mr. Al Hussaini further added.
Al Hussaini highlighted the importance of global coordination in implementing tax reform, saying that “The UAE reiterates the support for the two-pillar approach to address the tax challenges arising from the digitalization 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 organizations approved the work plans for the Working Groups and signed off the first Finance Track communiqué of the year. The next FMCBG meeting will occur in Jakarta in April 2022.
