The UAE participated in the inaugural G20 Finance and Central Bank Deputies (FCBD) meeting under South Africa’s G20 Presidency, held in Johannesburg from December 11-12, 2024. The meeting focused on advancing the G20 Finance Track priorities for 2025, aligning with South Africa’s theme of Solidarity, Equality, and Sustainability.
The UAE delegation, led by Younis Haji AlKhoori, Undersecretary of the Ministry of Finance, and Ebrahim Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE, played an instrumental role in the discussions, addressing critical global financial issues.
Key Focus Areas and UAE Contributions
During the meeting, discussions revolved around global economic challenges, financial stability, sustainable finance, and infrastructure development. The UAE delegation reaffirmed its support for South Africa’s Presidency priorities, highlighting the urgency of addressing challenges such as low economic growth, high debt, and the need for fiscal space.
Younis Haji AlKhoori emphasized the importance of innovative financing mechanisms to support emerging markets and developing economies, stating:
“We focused on the importance of developing innovative financing strategies to enhance global financial stability and support emerging markets and developing economies.”
The UAE also expressed support for initiatives to strengthen financial resilience and promote inclusive economic recovery through international partnerships. They underscored the need for artificial intelligence and improved digital infrastructure to advance financial inclusion globally.
Commitment to Sustainable Finance and Climate Change
One of the highlights of the UAE’s participation was its strong backing of the G20 Finance Track’s infrastructure agenda for 2025. AlKhoori emphasized the need to address fiscal constraints, engage with global climate finance funds, and prioritize sectoral needs to drive infrastructure investments that support climate action.
Additionally, the UAE supported the South African Presidency’s workplan for Sustainable Finance, aligning with global climate finance frameworks and advocating for the development of domestic carbon markets.
Progress in International Taxation and Financial Transparency
In the realm of international taxation, the UAE reiterated its commitment to an inclusive tax system, focusing on tax transparency and compliance with BEPS Action Items. AlKhoori highlighted the need for strategic investments to address inequalities, particularly in the context of future health emergencies, and the role of tax incentives for multinational companies.
Conclusion and Next Steps
At the conclusion of the meeting, the deputies reaffirmed their commitment to the G20 priorities for 2025, agreeing to review progress at the next meeting. The UAE’s active participation marks a significant step in its ongoing efforts to contribute to global financial stability, sustainable development, and inclusivity.
