The Covid-19 pandemic has induced economic risks, especially global supply chain disruptions and inflationary pressures, which must be addressed without discouraging economic growth.
In light of the above, the UAE held the second G20 Finance Ministers and Central Bank Governors (FMCBG) meeting of 2022.
The meeting discussed the latest developments related to the pandemic as well as the Russia-Ukraine crisis and their repercussions on various global economic sectors.
Also discussed during the meeting was the readiness of the global health system to combat future crises, as well as other priorities, namely financial legislation and sustainable finance.
“The UAE played a key role in enabling the global health response by supporting vaccine distribution logistics to more than 136 countries,” said Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs.
At the end of the meeting, the FMCBGs reiterated the need for a globally coordinated policy response to continuing to address the scarring effect and enable a strong and inclusive recovery.
Moreover, the FMCBGs agreed to review the progress of the working groups in their upcoming meeting in July 2022.