Abu Dhabi (Union)
His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, stressed the need to continue coordinating international efforts to ensure the continuity of the global economic recovery in a comprehensive and sustainable manner.
This came during the participation of His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, representing the United Arab Emirates, in the second meeting of finance ministers and central bank governors of the Group of Twenty (G20) countries for the year 2022.
The meeting discussed the latest developments related to the Corona pandemic (Covid-19), the Russian-Ukrainian crisis and their repercussions on various global economic sectors, in addition to continuing discussions on the readiness of the global health system to respond to future crises, and other priorities such as financial legislation and sustainable financing. The Indonesian Group of Twenty, and on the sidelines of the Spring Meetings of the International Monetary Fund and the World Bank Group 2022, His Excellency Finance Ministers and Central Bank Governors from the G20 countries and the invited countries, and officials of international and regional organizations.
In detail, the meeting discussed public policy responses based on the latest global economic forecasts, especially those related to strategies to support the economic recovery process and confront the prevailing economic and financial challenges. In addition to continuing to discuss the proposed mechanisms to enhance the global response to epidemic prevention and prior preparedness.
The meeting touched on the need to follow up on the development of sustainable financing tools by improving access to practical financial solutions. The members also discussed the priorities of the Group of Twenty for this year in the field of international financial legislation.
Al-Husseini said during his intervention at the meeting: “The pandemic has reinforced economic challenges, especially those related to global supply chain disruptions and inflation, which must be addressed without impeding economic recovery.” It may appear in the future, indicating that international organizations have an important role in achieving this. His Excellency said: “The UAE has played a major role in enabling the global health response by setting up its global logistics services to support the distribution of COVID-19 vaccines to more than 136 countries.”
On the G20 Sustainable Finance Agenda, His Excellency said: “The G20 Sustainable Finance Roadmap is an important reference to contribute to promoting global adoption of sustainable finance. The G20 must also take into account the design of flexible schemes that enable countries to implement them in line with local priorities. “
At the conclusion of the meeting, it was stressed the need to develop a globally coordinated political response to address the repercussions of the crises witnessed by the global economy today, and to achieve strong, comprehensive and sustainable economic growth. It was agreed to review the progress made by the Financial Track Working Groups during the next meeting to be held in July 2022.
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