UAE participates in second meeting for G20 Finance Ministers and Central Bank Governors

UAE participates in second meeting for G20 Finance Ministers and Central Bank Governors

ABU DHABI - Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, represented the UAE in the second G20 Finance Ministers and Central Bank Governors (FMCBG) meeting of 2022 and discussed the latest developments related to the COVID-19 pandemic, the Russia-Ukraine crisis and their repercussions on various global economic sectors.

The meeting, which was held yesterday, also discussed the readiness of the global health system to combat future crises, as well as other priorities, namely financial legislations and sustainable finance.

The meeting was held under the Indonesian presidency of the G20 and on the sidelines of the 2022 Spring Meetings of the International Monetary Fund and the World Bank Group. Finance Ministers and Central Bank Governors of the G20 member and invited countries and officials from regional and international organisations attended the meeting.

The meeting sought to deliberate policy responses to the updated global economic outlook, including how to adjust the focus of exit strategies to support recovery in the face of evolving macroeconomic circumstances. In addition, participants continued their discussions on the establishment of financial mechanisms for pandemic prevention, preparedness, and response (PPR), and the need to follow up on the development of sustainable finance instruments by improving access to practical