The Ministry of Finance completes its participation in the second round of working groups on the financial track
Brasilia, April 17 / WAM / The Ministry of Finance participated in the second round of working group meetings within the G20 Financial Track 2024 in Brasilia, the capital of Brazil, which was held during the period from March to April 2024.
The working group meetings in which the Ministry participated included the Global Partnership for Financial Inclusion (GPFI), the Global Alliance Task Force to Fight Hunger and Poverty (TF-Alliance), the International Financial Architecture (IFA), the Framework Working Group (FWG), and the Infrastructure Working Group. (IWG), the Sustainable Finance Working Group (SFWG), and the Global Alliance Against Climate Change Task Force (TF-CLIMA).
The UAE affirmed its commitment to promoting equality within and between countries, which is evident through cross-border infrastructure development and financial inclusion initiatives. The UAE also actively contributes to the agenda of the Inequality Measurement and Evaluation Working Group, and discussed its continuing efforts to enhance financial well-being through regulatory reform and a transformation program. Financial infrastructure launched in 2023.”
In its quest to support strong, sustainable, balanced and inclusive growth, the UAE is focusing on multilateral cooperation and sustainable and inclusive trade, including the UAE’s US$10 million grant to support World Trade Organization funds targeting developing and least developed countries.
The UAE attaches importance to sustainable development and energy transformations, and stresses the need to increase financing to enable countries to invest in development priorities.
The UAE delegation reviewed the country’s concrete efforts, including a pledge of US$200 million to the International Monetary Fund’s Resilience and Sustainability Trust Fund, to support climate change resilience in vulnerable member states of the United Nations (least developed and landlocked developing countries). and small island developing States), and to enhance sustainable financing efforts.
The delegation stressed the importance of international cooperation in addressing the macroeconomic and social impacts of climate change, and the need for long-term, predictable financing available at a reasonable cost to developing countries.
The potential of innovative tools such as green sukuks to finance private and public investment to achieve comprehensive and sustainable economic and social development goals was also highlighted, which revives the hopes of the general public to commit to an environmentally friendly future.
In line with the priority of the Brazilian G20 presidency, to revitalize multilateralism and promote the reform of global governance institutions, the UAE also called for reforms in multilateral development banks, including encouraging them to cooperate with the private sector, and mitigate, manage and diversify risks. Moreover, the UAE has benefited from the important outcomes of the United Nations Climate Change Conference (COP28), reflecting its leadership and commitment to global financial stability.
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