Meeting discusses issues related to the sustainability of sovereign debt

The UAE participated in the second International Financial Architecture Working Group (IFA WG) meeting within the G20 Finance Track for 2023, which was held in Paris, France, on March 30th and 31st to discuss the progress made on the 2023 IFA WG work plan.

G20 members, invited countries, and international organisations attended the meeting. The UAE delegation included Ahmad Bin Sulaiman, Director of the Federal Debt Management Office at the Ministry of Finance, and Khalifa Al Faheem, Senior Director of Monetary Operations and Monetary Management at the Central Bank of the UAE.

The meeting discussions focused on the priorities of the International Financial Architecture Working Group (IFA WG) for this year, where members discussed issues related to the sustainability of sovereign debt and ways to limit their increase.

Members also deliberated the most proposals and directions to support vulnerable countries, and discussed ways to bridge the gap.

Members also discussed the ongoing work by Multinational Development Banks on the implementation of recommendations by the Independent Review on Multinational Development Banks’ Capital Adequacy Frameworks and ways to strengthen Multinational Development Banks to address shared global challenges of the 21st century.

Lastly, members shared their views on the impact of climate change-related policies on capital flows.

During the meeting, the UAE team stressed on the need for collaborating with regional organisations to leverage their expertise in formulating initiatives that will promote global debt sustainability.

The team emphasised the importance of providing incentives for debt transparency to encourage the adoption of enhanced debt management practices in vulnerable countries. The UAE team also discussed the implications of climate change policies on capital flows, and highlighted the importance of promoting greater integration across financial markets and enabling stronger international cooperation to mitigate the potential for market distortions. Accordingly, the UAE team suggested for the international organisations to develop tools and methodologies needed to track the impact of climate change policies on capital flow.

The members agreed to review the progress on the groups’ work plan during the next upcoming meeting, at a date to be set by the India G20 presidency.

Meanwhile the UAE participated in a meeting of the Trade and Investment Working Group (TIWG) of the G20, which was held in Mumbai from March 28th to 30th, 2023, under India’s presidency of the G20.

The UAE’s delegation that participated in the meeting was chaired by Juma Al Keet, Assistant Under-Secretary of the Ministry of Economy for International Trade Affairs, who highlighted the country’s vision on various issues related to global trade and investment development, including its efforts and initiatives aimed at accelerating trade growth and facilitating trade movement.

He also affirmed the importance of international partnerships and cooperation to achieving further economic growth, supporting global value chains, assisting small and medium-sized enterprises (SME), and facilitating trade through a stronger and more efficient logistics systems.

The UAE’s participation in the G20 meeting coincides with its preparation to host COP28, the World Investment Forum organised by the United Nations Conference on Trade and Investment (UNCTAD), and the 13th ministerial meeting of the World Trade Organisation (WTO), which will take place next year. Earlier, the UAE participated in the second Infrastructure Working Group (IWG) meeting under the G20 Finance Track for 2023, which was held in Visakhapatnam, India, on the 28th and 29th March to discuss the progress made on the group’s work plan for 2023 under the Indian G20 Presidency.

The UAE also participated in the second Infrastructure Working Group (IWG) meeting under the G20 Finance Track for 2023, which was held in Visakhapatnam, India, on March 28th and 29th to discuss the progress made on the group’s work plan for 2023 under the Indian G20 Presidency.

G20 members, invited countries, and international organisations attended the meeting. The UAE delegation included Amna Alshamsi, Head of Policies, Regulations and Procedures at the Ministry of Finance, and Asma AlZarooni, Head of Exchange of Tax Information Section at the Ministry of Finance.

The meeting discussions focused on the progress made under the priorities of the Infrastructure Working Group for this year, where members discussed ways to build future-ready urban infrastructure and unlock private financing for energy-efficient and environmentally sustainable infrastructure. Members also shared their views on the technical and managerial capabilities needed to build the future cities of tomorrow.