UAE participates in 3rd G20 Finance Ministers and Central Bank Governors meeting in South Africa

The meeting took place in the city of Durban, bringing together representatives of G20 member states, invited countries, and international organisations.

Led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, the UAE delegation featured Younis Haji AlKhoori, Under-Secretary of the Ministry of Finance; Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE; and Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the Ministry of Finance.

The meeting is set to explore the progress made on the 2025 priorities set by the South African presidency of the G20. It will conclude with the adoption of the official communique, which the UAE contributed to through working group comments and participation in Deputy-level drafting meetings.

The discussions cover a wide range of topics, including the global macroeconomic outlook, international financial architecture, infrastructure development, international taxation, impediments to growth and development in Africa, sustainable finance, financial sector issues and financial inclusion.

Mohamed bin Hadi Al Hussaini stated that the 3rd G20 Finance Ministers and Central Bank Governors Meeting provided a strategic platform for strengthening international coordination on global economic and financial issues as well as for advancing joint efforts to achieve economic stability and support sustainable development.

He noted that the UAE's participation aimed to support the Group's global objectives and contribute actively to the development of international economic and financial policies.

He emphasised the importance of adopting effective policies that ensure macroeconomic stability, including targeted fiscal support, improved institutional quality, and enhanced labour market efficiency.

He stressed that the UAE is committed to strengthening the international finance structure, supporting emerging markets and developing economies (EMDEs .(This, he noted, can be achieved by reducing investment risks, mobilising private capital, providing targeted financial support, strengthening local markets, advancing structural reforms, and fostering international cooperation, efforts that collectively enhance global financial stability.

Al Hussaini added that the UAE continues to pursue proactive financial policies to reinforce this approach, further contributing to long-term sustainable development.

Al Hussaini welcomed the progress made on international tax reform through the BEPS Action Plan, highlighting the UAE's commitment to building fair and sustainable tax systems through the country's involvement in the UN Framework Convention on International Tax Cooperation.

The Minister also underscored the need to boost private sector participation in infrastructure, improve access to affordable capital through more inclusive financial markets, and advance governance and institutional capacity, highlighting these as key policy priorities to drive growth and development in Africa.

Al Hussaini affirmed that policy coherence, institutional capacity, and reliable climate data are essential to overcoming barriers to sustainable finance, highlighting the UAE's experience in addressing insurance protection gaps through climate risk assessments and premium pricing frameworks and collaborative approach among financial regulators.

On the sidelines of the G20 FMCBG meetings, the UAE attended the G20 Finance and Central Bank Deputies meetings on 14-16 July to discuss the statement of the G20 FMCBG.

Discussions also covered recent multilateral development bank developments, pandemic response financing, growth and development in Africa, and additional communique drafting sessions of the G20.

The UAE is taking part in the G20's activities 2025, which will conclude with the Leaders' Summit later this year. This marks the country's sixth participation in the G20 Summit process, following previous invitations as a guest country in France (2011), Saudi Arabia (2020), Indonesia (2022), India (2023), and Brazil (2024). (ANI/WAM)