The Ministry of Finance (MoF) participated in the second Framework Working Group (FWG) meeting within the G20 Finance Track for 2022, which was held in a hybrid format on May 24 and 25, 2022. The meeting sought to discuss global economic updates with highlights on the Ukrainian crisis and the macroeconomic impacts of climate change and exit strategies to ensure strong, sustainable, balanced, and inclusive recovery.
His Excellency Ali Abdullah Sharafi, Assistant Undersecretary of the International Financial Relationship Sector at the Ministry of Finance, and Shamma Yousif Abdelghani, Project Manager and Executive Vice President for Innovation participated in the meeting. Also, in attendance were G20 members, invited countries, and representatives from international organisations including the World Bank, the International Monetary Fund (IMF) and the Organisation for Economic Cooperation and Development (OECD).
The Ministry of Finance’s team stressed on the importance of fostering public-private partnerships to strengthen the private sector’s role in securing the investments needed to combat climate change. The UAE team also focused on the need to devise a roadmap to guide preparing and directing financial, human, and technical resources towards industries and activities that require new and more advanced skills in the labor market. Accordingly, the UAE team emphasised the importance of the FWG’s focus on these areas to achieve net-zero emissions.
The meeting discussed the global economic outlook and the economic implications of the war on Ukraine. That, in addition to the challenges of adequately balancing domestic monetary and fiscal policy responses to support economies amidst rising inflation, including the means to maintain fiscal sustainability in light of the ongoing economic challenges resulting from the COVID-19 pandemic. Members also discussed areas of global policy coordination to mitigate the implications, especially in emerging, developing, and low-income countries, regarding the food and energy prices, and food security.
At the end of the meeting, the members reviewed the progress made with the FWG reports, and members agreed to continue the discussion on the latest global economic developments in the upcoming FWG meeting in September 2022.
Source: Ministry of Finance