Mohamed bin Hadi Al Hussaini Stresses Adapting Multilateral Financial Institutions to Global Economic Shifts
- Enhancing the efficiency and responsiveness of multilateral development banks to global needs
- Strengthening cooperation between governments and the private sector to achieve sustainable development priorities
- Discussing financial stability and boosting financial inclusion through digital technologies to support MSMEs
- Reviewing the accomplishments of the G20 financial track over the past 25 years
Washington, 26 October 2024: The UAE, represented by the Ministry of Finance (MoF) and the Central Bank of the UAE, took part in the fourth G20 Finance Ministers and Central Bank Governors Meeting held alongside the Annual Meetings of the World Bank Group and the International Monetary Fund in Washington, DC. The meetings conclude today.
The UAE delegation, led by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, included H.E. Ebrahim Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability, Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the MoF, Hamad Eisa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs, Thuraiya Hamed Alhashmi, Director of International Financial Relations and Organisations at the MoF, along with finance experts from the Ministry and the Central Bank.
Promoting Development and Cooperation
H.E. Mohamed bin Hadi Al Hussaini highlighted the significant role of multilateral development banks in fostering regional partnerships by establishing local centres to enhance presence in beneficiary countries and facilitate joint investment initiatives. He noted that these collaborations would help address challenges in financing development projects and extend co-financing models to support more sustainable development projects.
He also underscored the UAE’s advancements in digital infrastructure and financial innovation, stressing efforts to promote financial inclusion through advanced financial technologies. His Excellency referenced the initiatives aiding MSMEs in the UAE, aimed at easing access to financing through digital tools.
Addressing climate issues, H.E. reaffirmed the UAE’s commitment to the Paris Agreement, citing national contributions and the semi-annual transparency report being published this year to adhere to global environmental standards. He emphasized aligning multilateral financial institutions’ policies with current global economic shifts.
Building Capacity and Enhancing Efficiency
Discussions during the meeting focused on improving the efficiency of multilateral development banks by strengthening governance and increasing geographical representation. The need to ensure effective implementation of the multilateral development banks’ roadmap, approved by the G20, was emphasized through robust monitoring and reporting mechanisms.
The members also explored the prospects for global financial stability, addressing current economic vulnerabilities and strategies for managing large financial inflows. The discussions included fostering financial inclusion via digital solutions to support MSMEs.
In commemoration of the 25th anniversary of the G20 financial track, members reflected on the track’s achievements and assessed future economic challenges in striving toward sustainable development and climate goals.
