UAE participates in meeting of finance ministers and central bank governors in Washington

Meeting held on the sidelines of the World Bank and IMF 2023 spring sessions

The collaboration between the G20 and Cop28 will be key in helping to address the macroeconomic effects of climate change, the UAE has said. Reem Mohammed / The National

A UAE delegation has participated in the second finance ministers' and central bank governors' meeting of the G20 Finance Track for 2023.

The meeting was held on the sidelines of this year's spring meetings of the World Bank and the International Monetary Fund in Washington.

The UAE contingent was led by Mohamed Al Hussaini, Minister of State for Financial Affairs.

Officials reviewed the progress made by the finance track and discussed the views of G20 members on the priorities and goals set by the Indian presidency of the grouping for this year.

The G20 is an intergovernmental forum comprising 19 countries and the EU.

Mr Al Hussaini emphasised the importance of considering different circumstances of low and middle-income country groups to address global debt vulnerabilities.

He said the UAE backed multilateral collaboration to enable co-ordinated responses to the macroeconomic implications of climate change and to facilitate exploration of opportunities to address climate risks.

The collaboration between the G20 and the Cop28 climate talks will be key to establishing a strong foundation for providing actionable insights to address the macroeconomic effects of climate change, Mr Al Hussaini said.

Cop28 will be held from November 30 to December 12, at Expo City Dubai, and is expected to be attended by about 70,000 participants, including heads of state, government officials, leaders of global industrial sectors, representatives of the private sector and climate experts.

“The UAE will work to advance collective co-operation between all governments, companies, youth and the civil society to devise practical climate solutions, raise ambitions, and enhance sustainable economic growth,” Mr Al Hussaini said.

“The goal is to make Cop28 inclusive and effective, uniting all sectors in developed and developing countries to focus on realistic solutions.”

The discussions focused on strengthening economic partnerships to address uncertainties in the global economic outlook, and measures to scale up sustainable finance and financing for meeting sustainable development goals.

The delegates also discussed ways to implement tax treaty-related measures, to prevent base erosion and profit-shifting, while advancing the international taxation agenda.

On strengthening the role of multilateral development banks, Mr Al Hussaini said the UAE welcomed the formation of the G20 expert group to provide advice on enhancing the financing role of MDBs and their ecosystem.