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Marrakesh on October 14th
The UAE Ministry of Finance participated in the fourth and final meeting of finance ministers and central bank governors of the G20 countries, which was held on the sidelines of the annual fall meetings of the World Bank Group and the International Monetary Fund, held in Marrakesh, Kingdom of Morocco, from October 9 to 15.
The meeting agenda included a review of the final results of the G20 financial track meetings this year, in all of which the Ministry participated in, which numbered 34 meetings this year, during which 39 case studies were presented to the G20.
His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, stressed the importance of the progress achieved within the priorities set by India’s G20 presidency in 2023, such as the G20 sustainable financing roadmap and the multilateral development bank reform agenda, noting that the topics presented at the meeting The fourth G20 Finance Ministers and Central Bank Governors represents a continuation of the topics that were previously discussed in previous meetings this year, the most important of which are global financial stability, sustainable economic development, and the economic impacts of climate change, in addition to improving mechanisms for financing sustainable infrastructure, approaches to tomorrow’s cities, and a legislative action map. Cryptocurrencies, and other priorities.
His Excellency praised the progress made in implementing the capital adequacy frameworks of the G20 multilateral development banks, and stressed the need to continue exchanging views on how to build a global ecosystem for crypto-assets, and benefit from the public digital infrastructure to build cities prepared for the future.
He also praised the progress achieved in the joint “Tax Base Erosion and Profit Shifting” project between the G20 and the Organization for Economic Cooperation and Development, especially on the scope of the first and second pillars of international taxes, and noted the importance of cooperation between the G20 and the Conference of the Parties (COP28), which was built on their joint coordination. Given the importance of the group’s work in identifying the economic risks resulting from climate change, and considering the various circumstances facing low- and middle-income countries, in order to address the weaknesses of debt levels around the world.
The G20 financing track discusses macroeconomic issues, economic outlook, global economic risks, necessary reforms for a more stable and flexible global financial structure, international taxation, quality of infrastructure financing, sustainable finance, financial inclusion, financial sector reforms, and financing the future health response. and investments in pandemic prevention, preparedness and response. The fall meetings witnessed a session entitled “Strengthening Multilateral Development Banks” attended by G20 finance ministers and central bank governors, with the aim of discussing the progress made by the G20 on the agenda of reforming multilateral development banks and strengthening their financial positions in facing the challenges of the twenty-first century, and calling on multilateral development banks. Parties to address the global challenges of eradicating poverty and enhancing common resources, tripling the level of sustainable lending by 2030, and strengthening the capabilities of the financial force by continuing to work continuously to improve its capital.
His Excellency the Minister also participated in a second session held under the title “The Global Economy and Crypto Assets,” which discussed global economic expectations and possible policy approaches individually and collectively to confront the challenges, and ways to adopt the G20 road map on crypto assets and discuss its implementation, and touched on global economic expectations for continued economic recovery. Global growth, albeit slow and varied across sectors and countries, as expectations indicate continued weak performance at a global growth rate of about 3% in the medium term, with continued risks threatening global growth, as current monetary policy levels affect borrowing costs and capital flows to… Emerging market economies and developing economies.
Issues of rising debt levels, climate change, poverty and inequality were also discussed, all of which are expected to impact vulnerable communities, in addition to further disruptions that continue to pose a risk to energy and food security.
At the end of the meetings of the finance ministers and central bank governors of the G20 countries, the ministers and governors approved a joint statement, highlighting the priorities of the G20 under India’s presidency of the G20, and briefed on Brazil’s priorities for the next presidency of the G20 in 2024.
