Final results of the G20 Finance Track meetings for 2023 reviewed

The UAE Ministry of Finance participated in the fourth and final G20 Finance Ministers and Central Bank Governors meeting under the Indian Presidency, which took place on the sidelines of the World Bank Group and the International Monetary Fund annual meetings, held in Marrakech, from 9th to15th October 2023.

During the meeting, participants reviewed the final results of the G20 Finance Track meetings for 2023, in which the Ministry participated in all 34 meetings this year, and presented 39 case studies to the G20.

The G20 Finance Track focuses on economic and financial stability, including economic development priorities, global economic risks and challenges, international financial architecture, international taxation, quality and sustainable infrastructure, sustainable finance, financial inclusion, financial sector reforms, joint finance and health coordination, among other matters.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, commended the progress achieved by the Finance Track this year, in line with the priorities set by the Indian presidency for the G20 in 2023. This includes the G20 Sustainable Finance Roadmap and the agenda of strengthening Multilateral Development Banks to address the challenges of the 21st century, among several others.

He also emphasised the importance of the fourth meeting of the G20 Finance Ministers and Central Bank Governors, which built on the previous discussion on Finance Track priorities, including global financial stability, sustainable, strong, balanced and inclusive economic growth, the macroeconomic risks of climate change, in addition to financing inclusive, resilient and sustainable cities of tomorrow, and the roadmap to mitigating the macroeconomic and financial stability risks linked to crypto-asset activities and markets, among other priorities.Al Hussaini commended the progress made on the agenda of strengthening multilateral development banks. He emphasised the importance of global coordination for addressing the risks stemming from crypto assets, and to leveraging digital public infrastructure to build the cities of the future.

The UAE Minister of State for Financial Affairs also commended the progress made in the Base Erosion and Profit Shifting project BEPS2.0, jointly between the G20 and the Organisation for Economic Co-operation and Development, especially regarding pillars 1 and 2 of the international tax agenda.

He highlighted the importance of cooperation between the G20 and the United Nations Climate Change Conference 2023 (COP28), considering the significant role of the G20 in assessing the macroeconomic risks from climate change and considering the need for embedding climate finance in the MDBs reform agenda.Meetings

The fourth Finance and Central Bank Governors meeting focused on ‘Strengthening Multilateral Development Banks to Address Shared Challenges of the 21st Century’. During the session, the attendees discussed the progress made by the G20 on the agenda and reviewed the recommendations of the G20 Independent Expert Group for enhancing the mandates, sustainability, and financing of multilateral development banks.

The minister also participated in a session titled ‘The Global Economy and Crypto Assets Agenda’.

The attendees discussed the global economic outlook in light of the slowing recovery and the widening divergence among sectors and countries and explored collective policy coordination approaches to addressing global challenges. The attendees also discussed the G20’s roadmap on crypto assets and its implementation.

At the end of the meeting, the ministers and governors adopted the communique which built on the G20 New Delhi Leaders’ Declaration. They were also informed about Brazil’s priorities for the upcoming G20 presidency in 2024.

Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, on Friday chaired the main session of the 108th meeting of the joint World Bank Group (WBG)/International Monetary Fund (IMF) Development Committee.

The meeting was attended by Ajay Bunga, President of the WBG, Kristalina Georgieva, Managing Director of the IMF, and Mercy Tembon, Executive Secretary of the Development Committee, along with ministers of finance and development from all over the world and the WBG and IMF boards of governors. It was held in Marrakech, Morocco at the sidelines of the annual meetings of the WBG and IMF.

Addressing attendees in his opening remarks, Al Hussaini said: “The committee expresses its solidarity with the Moroccan and Libyan people and authorities and offered its deep condolences to the families of the earthquake and flooding victims. We collectively call on international partners, including the World Bank and the IMF, to provide the necessary assistance for reconstruction efforts.”