Saturday 01-04-2023 12:20 noon
PARIS, 1st April, 2023 (WAM) — The UAE participated in the second meeting of the International Financial Architecture Working Group (IFA WG) within the G20 Finance Track for 2023, which was held in Paris, France on 30-31 March , to discuss the progress made on the 2023 IFA WG work program.
G20 members, invited countries and international organizations attended the meeting. The UAE delegation included Ahmad bin Sulaiman, Director of the Federal Debt Management Office at the Ministry of Finance, and Khalifa Al Faheem, Senior Director of Monetary Operations and Currency Management at the UAE Central Bank.
Discussions at the meeting focused on the priorities of this year’s IFA working group, with members discussing issues related to sovereign debt sustainability and ways to limit its growth. Members also considered the top proposals and directions for supporting fragile states and discussed ways to bridge gaps. Members also discussed the ongoing work of multinational development banks in implementing the recommendations of the Independent Review of the Multinational Development Bank Capital Adequacy Framework and ways to strengthen multinational development banks’ ability to respond to common global challenges of the 21st century. Finally, members shared their views on the impact of climate change-related policies on capital flows.
During the meeting, the UAE team highlighted the need to work with regional organizations to leverage their expertise to develop initiatives that promote global debt sustainability. The team highlighted the importance of providing incentives for debt transparency to encourage vulnerable countries to adopt enhanced debt management practices. The UAE team also discussed the impact of climate change policies on capital flows and highlighted the importance of promoting greater integration of financial markets and strengthening international cooperation to mitigate the potential for market distortions. The UAE team therefore recommends that international organizations develop the tools and methodologies needed to track the impact of climate change policies on capital flows.
Members agreed to review the progress of the group’s work program at the next forthcoming meeting, on a date to be determined by the G20 presidency of India.