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- Mohamed bin Hadi Al Hussaini: We advocate enhanced multilateral cooperation to facilitate a coordinated response to the macroeconomic impacts of climate change and to facilitate the exploration of opportunities to address climate risks
- Mohamed bin Hadi Al Hussaini: As host of the upcoming COP28, the UAE will strive to foster collective collaboration among all governments, companies, youth and civil society to develop practical climate solutions, raise ambition and foster sustainable economic growth
- Mohamed bin Hadi Al Hussaini: We reiterate the need to consider the different situations of low- and middle-income country groups to address global debt vulnerabilities
WASHINGTON: His Excellency Mohammad bin Hadi Al Husseini, Minister of State for Finance, led the UAE delegation to the second meeting of finance ministers and central bank governors of the G20 financial track in 2023, held at the World Bank Group (WBG) and the International Monetary Fund (IMF) during the 2023 Spring Meetings, April 10-16 in Washington, DC. The meeting was held to review progress on the financial track and discuss G20 members’ views on the priorities and goals set by the Indian Presidency for this year.
The UAE delegation included His Excellency Ebrahim Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability, Central Bank of the UAE; His Excellency Younis Haji Al Khoori, Deputy Minister of Finance; Ms. Thuraiya Hamed Al Hashmi, Director General, Tax Department; Fares AlKaabi, Senior Analyst, Research and Statistics Department, Central Bank of the UAE. Finance ministers and central bank governors of G20 member countries, invited countries, international organizations and institutions attended the meeting.
During the meeting, His Excellency Al Hussaini reiterated the importance of considering the different circumstances of the group of low- and middle-income countries in order to address global debt vulnerabilities.
Regarding climate change, His Excellency Husseini advocated strengthening multilateral cooperation to promote a coordinated response to the macroeconomic impact of climate change and to facilitate the exploration of opportunities to address climate risks. “Collaboration between the G20 and COP28, to be hosted by the UAE in Dubai Expo City in November, will be key to laying a solid foundation for delivering actionable insights to address the macroeconomic impacts of climate change,” His Excellency said.
His Excellency stated: “As host of the upcoming COP28, the UAE will strive to foster collective collaboration among all governments, companies, youth and civil society to develop practical climate solutions, raise ambition and foster sustainable economic growth. The goals are Make COP28 inclusive and effective, uniting all sectors of developed and developing countries to focus on realistic solutions.” His Excellency also stressed that the UAE is working tirelessly to support the international community in pursuing an ambitious agenda, This agenda focuses on implementation and highlights opportunities and motivations.
Regarding strengthening the role of multilateral development banks (MDBs), His Excellency Al Hussaini noted that the UAE welcomes the establishment of a G20 expert group to advise on strengthening the financing role of MDBs and the MDB ecosystem.
During the meeting, discussions among members focused on economic cooperation to address uncertainties in the global economic outlook, and ways to scale up sustainable finance and SDG financing. Members also exchanged views on advancing the implementation of the Multilateral Convention on the Implementation of Tax Treaty-Related Measures to Prevent Base Erosion and Profit Shifting (BEPS) to advance the international tax agenda.
On the sidelines of the Finance Ministers and Central Bank Governors meeting, His Excellency Younis Haji Al Khoori participated in the G20 Finance Ministers meeting organized by the Indian Presidency. The purpose of the meeting was to discuss the progress made by multilateral development banks in implementing the Capital Adequacy Framework (CAF) and the reforms needed to improve their investment capabilities.
At the conclusion of the FMCBG meeting, ministers reaffirmed their countries’ commitment to G20 priorities and agreed to review progress made during the next meeting, to be determined by India’s presidency later this year.
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