The UAE participates in the meeting of the finance agents and deputies of the central banks of the G20 group
The Undersecretary of the Ministry of Finance participated in the work of the first meeting of the Finance Undersecretaries and Deputy Central Bank Governors Younis Haji Al-Khoury in the first meeting of the financial track of the Group of Twenty (G20) under the presidency of Indonesia for the year 2022, which was held on 9 and 10 December.
The meeting discussed the priorities set by the Indonesian presidency in the context of its presidency of the current session of the Group of Twenty. The participation of the Ministry of Finance comes in response to Indonesia’s invitation to the UAE to participate in the G20 as an invited country for the year 2022. During the meeting, they also discussed topics on the agenda, most notably assessing the state of global economic recovery from the Corona (Covid-19) pandemic, and evaluating the most prominent risks facing growth In addition to reviewing the priorities of the Group of Twenty related to the topics of financial and social inclusion, financial sustainability and the latest initiatives and programs related to infrastructure, as well as following up on the discussion of tax-related initiatives.
Commenting on global economic developments, His Excellency Younis Haji Al-Khoury stressed, during his intervention in the meeting, the importance of finding more effective means to maintain the flexibility of the response to the Corona (Covid-19) pandemic, and to ensure that we continue to support the business sectors and communities most affected by the pandemic. His Excellency indicated that the United Arab Emirates had taken a proactive and clear approach to achieve this in light of the indicators that emphasized the need to take measures and stimulus packages, which amounted to about 93 billion US dollars, contributing in turn to effectively mitigating the repercussions of the pandemic.
With regard to the issue of implementing the global agreement regarding Axes 1 and 2 regarding facing tax challenges arising from economic digitization, His Excellency Younis Haji Al-Khoury explained that the UAE stresses the importance of adopting an internationally coordinated approach, noting the need to issue additional guidelines for the implementation of the agreement, in order to ensure the application of the proposed rules in a unified manner. on different countries. His Excellency pointed out the need to give sufficient time to different countries to implement the rules, taking into account the financial conditions of each country, and ensuring that there is no negative impact on any country during the implementation process.
On the roadmap for sustainable financing of the Group of Twenty, the Undersecretary said: "I believe that the focus should now be on exploring the possibility of employing tools and policies that would enhance capital formation and capacity building, in addition to partnership with the private sector to facilitate the transformation process." His Excellency pointed out that the Expo 2020 Dubai, which is currently being held in the UAE, is based on sustainability and embodies the UAE's desire to develop a global culture of innovation in a sustainable environment, and to disseminate pioneering ideas and technologies for review by the various guests, official delegates and stakeholders participating in the exhibition.It is worth noting that the G20 is a global forum that includes in its membership the most important developed, emerging and influential economies at the global level to discuss many issues and challenges related to the global economy, as the forum countries collectively participate in about 80 percent of the total global output, and they account for about 75 percent of the global trade movement Its population constitutes two thirds of the world's population.
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