UAE participates in the first International Financial Architecture Working Group meeting within the G20 Finance Track for 2023

UAE participates in the first International Financial Architecture Working Group meeting within the G20 Finance Track for 2023

The UAE participated in the first International Financial Architecture (IFA) Working Group meeting within the G20 Finance Track for 2023, which was held in Chandigarh, India, on 30 and 31 January 2023. The meeting sought to discuss global financial outlook including financial risks and opportunities.

The UAE delegation included Ahmad bin Sulaiman, Director of Federal Debt Management Office at the Ministry of Finance; and Khalifa AlFaheem, Senior Director - Monetary Operations, Monetary Management at the Central Bank of the UAE. G20 members, invited countries, and international organisations including the World Bank, the International Monetary Fund (IMF), and the Organisation for Economic Co-operation and Development (OECD) also participated in the meeting.

During the meeting, the members discussed the roadmap for strengthening Multilateral Development Banks to address shared global challenges, as well as means of managing global debt vulnerabilities to support low- and middle-income countries. They also deliberated ways to strengthen global financial resilience through sustainable capital flows. Additionally, they reviewed the IMF’s general Special Drawing Rights (SDR) allocation.

The UAE team emphasised the significance of multilateral coordination between development banks and other parties, such as the private sector, to enhance the role of development banks in promoting global financial stability. On global debt vulnerabilities,