CAPE TOWN, 26th February, 2025 (WAM) --The UAE, represented by the UAE Ministry of Finance and the Central Bank of the UAE, participated in the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the South African Presidency of the G20, which was held in Cape Town from 26-27 February to discuss the priorities set forward by the South African Presidency for the Finance Track for 2025.

The UAE delegation was headed by Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs and included Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE; Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the UAE Ministry of Finance; and Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organizations at the UAE Ministry of Finance.

The meetings focused on the priorities set by the South African Presidency under its theme "Solidarity, Equality, Sustainability," which include strengthening disaster resilience and response, ensuring debt sustainability for low-income countries, mobilizing finance for a just energy transition, and harnessing critical minerals for inclusive growth and sustainable development. These were discussed across topics such as macroeconomic growth, international financial architecture, infrastructure, tax cooperation, health-finance cooperation, financial sector issues and financial inclusion and sustainable finance.

During the FMCBG meetings, discussions on the global economic growth outlook aimed to identify risks and foster specific actions to strengthen macroeconomic cooperation. The Minister highlighted the challenges of fiscal sustainability constraints which disproportionately affect EMDEs amidst high global debt levels, economic fragmentation, and inflation uncertainty. He further highlighted the G20's efforts to strengthen MDBs and enhance debt sustainability for EMDEs through measures such as increased knowledge-sharing on capital flows.

Discussions also focused on the development of an investable infrastructure pipeline and the roles of blended finance and de-risking instruments. Al Hussaini highlighted the alignment of pipelines with national economic growth objectives to attract private sector investment and expand economic impact. His Excellency also expressed the UAE's commitment to strengthening trade corridors globally to enhance cross-border infrastructure and trade connectivity.

Regarding effective and inclusive tax cooperation, the minister reaffirmed the UAE's commitment to work in tandem with other jurisdictions to foster a more inclusive international tax system. His Excellency underscored the importance of domestic resource mobilisation in this effort, emphasizing the need for increased capacity building toward SDG achievement. Similar efforts were also reflected in discussions about joint finance and health cooperation to address financing gaps to strengthen public health institutions and overall global economic resilience against future health emergencies.

In discussions on sustainable finance, Al Hussaini highlighted the role of boosting investor confidence to unlock additional capital and ensure co-financed success.
On the sidelines of the meetings, the minister conducted a bilateral meeting with His Excellency Dr. Jrg Kukies, Federal Minister of Finance of Germany, on opportunities to collaborate moving forward in the G20 under the South African Presidency. During the meeting, His Excellency explored promoting additional fiscal cooperation between the UAE and Germany.

Meanwhile, the UAE participated in the second G20 Finance and Central Bank Deputies (FCBD) meeting under the South African Presidency of the G20, which was held in Cape Town from 24-25 February, to discuss the priorities set forward by the South African Presidency for the Finance Track for 2025.

The UAE delegation was represented by Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE; Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the UAE Ministry of Finance; Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organizations at the Ministry of Finance; and Fares AlKaabi, Senior Manager of International Relations at the Central Bank of the UAE.

Members deliberated on key policy agenda items, including development financing, a review of G20 working practices, and sustainable development in EMDEs. BRICS provided discussions on public-private partnerships, tax, and infrastructure alongside many more topics.

During the G20 FCBD meetings, the UAE delegation highlighted the use of international trade as an engine for development, debt sustainability measures to expand fiscal space for investment in SDGs, and the inclusive leveraging of technological advances and data monitoring for sustainable development. The delegation also identified key challenges faced by low- and middle-income countries, including poor investment environments, inadequate infrastructure, high debt levels, and elevated capital costs. To address these issues, the UAE advocated for increased multilateral cooperation to boost private sector participation and investment.

This year is the UAE's sixth participation since the establishment of the G20. The UAE has participated in previous G20 events and summits as a guest country in Brazil in 2024, India in 2023, Indonesia in 2022, Saudi Arabia in 2020, and France in 2011.

The UAE also participated in the first BRICS Finance and Central Bank Deputies meeting on 26 February to discuss the priorities of the BRICS Finance Track for 2025 under the Brazilian Presidency.

During the BRICS FCBD meeting, the UAE delegation welcomed the priorities identified by the Brazilian Chairmanship and the agenda set forth for the year, highlighting the increased focus on advancing the Sustainable Finance agenda.