Cape Town: The UAE, represented by the Ministry of Finance and the Central Bank, participated in the initial G20 Finance Ministers and Central Bank Governors meeting under the South African Presidency of the G20, held in Cape Town from February 26-27. The discussions centered on the priorities set by South Africa for the Finance Track for 2025.
According to Emirates News Agency, the UAE delegation was led by Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, and included Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank, among others. The meetings addressed the theme 'Solidarity, Equality, Sustainability,' focusing on disaster resilience, debt sustainability for low-income countries, finance mobilization for energy transition, and harnessing minerals for inclusive growth.
The global economic growth outlook was a key topic, aiming to identify risks and enhance macroeconomic cooperation. Minister Al Hussaini emphasized challenges such as fiscal sustainability constraints affecting emerging markets amidst high global debt and inflation uncertainty. Efforts to strengthen Multilateral Development Banks (MDBs) and enhance debt sustainability through increased capital flow knowledge-sharing were also highlighted.
Infrastructure development discussions involved investable pipeline development and the roles of blended finance. Al Hussaini stressed aligning pipelines with national growth objectives to attract private investments. The UAE's commitment to global trade corridors and cross-border infrastructure was reiterated.
On tax cooperation, Al Hussaini confirmed the UAE's dedication to an inclusive international tax system and domestic resource mobilization for Sustainable Development Goals (SDGs). He also highlighted the importance of finance-health cooperation to fortify public health institutions and economic resilience against future health crises.
Sustainable finance discussions were centered on boosting investor confidence to unlock additional capital. On the sidelines, Al Hussaini met with Dr. J¶rg Kukies, Germany's Finance Minister, to explore fiscal cooperation opportunities.
The UAE also attended the second G20 Finance and Central Bank Deputies meeting in Cape Town from February 24-25, emphasizing international trade for development, debt sustainability, and leveraging technology for sustainable development. Key challenges for low- and middle-income countries were identified, advocating for increased multilateral cooperation to enhance private sector investment.
Participating in the G20 for the sixth time, the UAE has previously joined events in Brazil, India, Indonesia, Saudi Arabia, and France. It also participated in the BRICS Finance and Central Bank Deputies meeting on February 26, supporting the Sustainable Finance agenda under the Brazilian Presidency.