The UAE Ministry of Finance participates in the meetings of the financial track of the group of twenty (G20) for the year 2024, based on an invitation to participate from the Federal Republic of Brazil, which has held the presidency of the group of twenty since the first of December 2023, and will host the summit of the group of twenty in Rio de Janeiro on November 18 and 19, 2024.
The ministry began its participation on Thursday with the meeting of finance ministers and the Central Bank of the group of twenty (FCBD), which continues tomorrow in the capital Brasilia, which will discuss the priorities of the financial path of the group of twenty set by the presidency of Brazil. It is preceded by a joint Sherpa meeting “Sherpa”with Deputy Ministers of Finance and central banks, which will bring together Sherpa and Finance tracks to discuss hunger, climate change and Bioeconomy issues, according to the UAE news agency “WAM”.
Mohammed bin Hadi al Husseini, Minister of State for Finance, expressed his deep appreciation to Brazil for inviting the UAE to participate in the meetings of the financial track of the group of twenty, and said: “We commend the agenda of the Brazilian presidency aimed at reducing social and economic inequality around the world under the slogan of building a just world and a sustainable planet, and these are very important issues, and it is time for the international community to give them priority in international events next year.
“The directives of the UAE Ministry of finance are in line with the priorities of the group of twenty’s financial track, and we are ready to work on key issues, such as improving international financial institutions, addressing the global debt burden, and effectively mobilizing public and private resources towards a more sustainable global economy,”he added.
During its participation in the financial track of the group of twenty, the Ministry of Finance has long called for ensuring the flexibility of global supply chains and multilateral cooperation within the framework Working Group. As a global hub, the UAE plays a leading role in strengthening international partnerships and economic and financial cooperation in line with the objectives of the Ministry of Finance set out in its strategic plan 2023-2026 and the vision of “We are the Emirates 2031”.
Being the host of the conference of the parties to the United Nations Framework Convention on climate change (cop28), the UAE sought to address the macroeconomic effects of climate change by building relations between the group of twenty and the conference of the parties, and also highlighted issues affecting vulnerable countries such as heavy debt burdens that affect investment capabilities in sustainable development.
