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Saturday, Apr 20, 2024

Arab finance ministers discuss multilateralism, economic development at G20 meeting in Brazil

Arab finance ministers discuss multilateralism, economic development at G20 meeting in Brazil

Arab finance ministers convened with global counterparts at the G20 finance ministers and central bank governors meeting in Brazil to discuss issues of multilateralism and economic development.
Despite the lack of a joint statement due to disagreements on the Ukraine and Gaza conflicts, there was a consensus on the importance of tackling inequality and fostering multilateral cooperation for sustainable development and financial stability.

At the February 28-29 meeting, Saudi Arabia was represented by Finance Minister Mohammed Al-Jadaan and Central Bank Governor Ayman Al-Sayari, who stressed the necessity of multilateral collaboration to address debt in low-income countries.

Al-Jadaan highlighted the need for fair trade to boost developing nations’ economies and called for the implementation of the G20 Common Framework to support debt-laden poor nations.

The UAE's commitment to financial inclusion and reducing inequalities was voiced by Minister for Financial Affairs Mohamed Hadi Al-Hussaini. He mentioned the Financial Infrastructure Transformation Programme aimed at digitalizing the financial sector, aligning with the G20 Global Partnership for Financial Inclusion.

Al-Hussaini also noted the use of green bonds and sukuk for development and discussed UAE's efforts on energy transition and climate change mitigation, citing a $200 million pledge to the Resilience Sustainability Trust. Additionally, he highlighted the UAE's focus on multilateral cooperation at the recent World Trade Organization Ministerial Conference in Abu Dhabi.

Egypt's Finance Minister Mohamed Maait addressed the economic strains on developing countries worsened by inflation and emphasized the necessity of international support for social protection.

He remarked on Egypt's effective relief programs during the COVID-19 pandemic, which aimed to support vulnerable citizens during economic and inflationary pressures.

Bilateral discussions were held among various finance leaders, including Saudi Arabia's engagements with the US, discussing economic reforms and collaborative efforts, as well as the UAE’s meetings with ministers and financial institutions from South Africa, Germany, and the Americas.
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