ABU DHABI - Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, represented the UAE in the second G20 Finance Ministers and Central Bank Governors (FMCBG) meeting of 2022 and discussed the latest developments related to the COVID-19 pandemic, the Russia-Ukraine crisis and their repercussions on various global economic sectors.
The meeting, which was held yesterday, also discussed the readiness of the global health system to combat future crises, as well as other priorities, namely financial legislations and sustainable finance.
The meeting was held under the Indonesian presidency of the G20 and on the sidelines of the 2022 Spring Meetings of the International Monetary Fund and the World Bank Group. Finance Ministers and Central Bank Governors of the G20 member and invited countries and officials from regional and international organisations attended the meeting.
The meeting sought to deliberate policy responses to the updated global economic outlook, including how to adjust the focus of exit strategies to support recovery in the face of evolving macroeconomic circumstances. In addition, participants continued their discussions on the establishment of financial mechanisms for pandemic prevention, preparedness, and response (PPR), and the need to follow up on the development of sustainable finance instruments by improving access to practical financial solutions.
Members also discussed the G20 priorities for this year in the field of international financial legislations.
Al Hussaini stressed the need to unify international efforts and ensure continuous global inclusive and sustainable economic growth. "The pandemic has induced economic risks, especially global supply chain disruptions and inflationary pressures, which must be addressed without discouraging economic growth."
He emphasised the importance of a globally coordinated action to promote pandemic preparedness for the future, noting that international organisations have an important role to play in driving this forward. "The UAE played a key role in enabling the global health response by supporting vaccine distribution logistics to more than 136 countries," he added.
On the G20 Sustainable Finance Roadmap, Al Hussaini stated, "The G20 Sustainable Finance Roadmap is an important reference for countries' adoption of sustainable finance. Accordingly, the work of the Sustainable Finance Working Group should always consider the need for it to devise plans that are customisable for countries and in line with local priorities."
At the end of the meeting, the FMCBGs reiterated the need for a globally coordinated policy response to continue to address the scarring effect and enable a strong and inclusive recovery. The FMCBGs agreed to review the progress of the working groups in their upcoming meeting in July 2022.