UAE participates in 2nd International Financial Architecture Working Group meeting within G20 Finance Track for 2023

UAE participates in 2nd International Financial Architecture Working Group meeting within G20 Finance Track for 2023

PARIS, 1st April, 2023 (WAM) -- 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 30th and 31st March 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 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