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 the global financial outlook including financial risks and opportunities.
The UAE delegation included Ahmad bin Sulaiman, Director of the Federal Debt Management Office at the Ministry of Finance; and Khalifa Al Faheem, Senior Director – Monetary Operations, Monetary Management at the Central Bank of the UAE (CBUAE). G20 members, invited countries, and international organizations including the World Bank, the International Monetary Fund (IMF), and the Organization for Economic Co-operation and Development (OECD) also participated in the meeting.
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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 emphasized 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, the UAE stressed the importance of programs designed to increase the economic resilience of countries facing debt distress. This is in order to mitigate the repercussions of global economic challenges on these countries’ economies and support them in improving the use of their resources to achieve local economic development. Regarding global financial resilience, the UAE highlighted the role of multilateral efforts to manage the risk perception of investors.
The next (IFA) working group meeting will be held on 30 and 31 March 2023 to discuss the progress made on the group’s 2023 work plan.
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