The United Arab Emirates (UAE) recently participated in the second meeting of the Framework Working Group (FWG) for the year 2023 within the financial track of the Group of Twenty (G20). The meeting took place on March 24th and 25th in Chennai, India, under the Indian Presidency of the G20. The UAE delegation, comprised of three members, discussed the progress on the priorities of the Framework Working Group for 2023.
The meeting comprised representatives of the G20, invited countries, and international organizations. They deliberated on several topics, including global economic prospects and repercussions related to inflation, as well as food and energy security issues. The UAE team presented the country’s economic growth forecasts while highlighting the necessity for continued coordination through the G20 on the most important current and long-term steps required to enhance food and energy security. The team also highlighted the need to stabilize the global financial system to limit the impact of the current challenges in the financial services sector.
The meeting’s sideline event discussed macroeconomic risks relating to climate change and evaluated available paths to address these risks. The UAE participated in organizing the event, given its role as President of the Conference of the Parties (COP28).
The group will discuss the progress of the Framework Working Group’s work plan for 2023 at the next meeting, which is yet to be determined.
Today, the United Arab Emirates concluded its participation in the second meeting of the Framework Working Group (FWG) for the year 2023 within the financial track of the Group of Twenty (G20), which was held under the Indian Presidency of the Group of Twenty, on the 24th and 25th of March in Chennai, India. To discuss progress on the priorities of the Framework Working Group for 2023.
The UAE team participating in the meeting included Shamma Youssef Abdel-Ghany, Project Manager and Executive Vice President for Innovation at the Ministry of Finance, Saud Al-Nouri, Head of the Asian Affairs Department in the Diplomatic Partnerships Department in the COP28 Office, and Faris Khamis Al-Kaabi, Senior Analyst in the Research and Statistics Department. At the Central Bank of the United Arab Emirates, the meeting was attended by members of the Group of Twenty, invited countries and representatives of international organizations.
During the meeting, members discussed the latest global economic prospects and repercussions, including rising inflation rates. They also discussed issues related to food and energy security and their impact on inflation and growth prospects.
During the meeting, the UAE team presented the country’s economic growth forecasts in light of the current economic challenges and high levels of inflation around the world.
The country team also stressed the need for continued coordination through the G20 on the most important current and long-term steps required to enhance food and energy security. Finally, the country team stressed the need to enhance global financial stability to limit the impact of the growing current challenges in the financial services sector.
On the sidelines of the meeting, the Presidency of the G20, India, organized a side event with the participation of members of the Framework Working Group to discuss the macroeconomic risks arising from climate change and address the available paths to address these risks. The results of the discussions will be taken into account in drafting the G20 report in this regard. The UAE also participated in organizing This event as the President of the Conference of the Parties (COP28).
It should be noted that the progress of the Framework Working Group’s work plan for 2023 will be discussed at the next meeting of the group, the date of which will be determined later.
In conclusion, the United Arab Emirates participated in the second meeting of the Framework Working Group for the year 2023 within the financial track of the Group of Twenty (G20). The UAE team presented the country’s economic growth forecasts and stressed the need for continued coordination on steps required to enhance food and energy security. The country team also emphasized the need to enhance global financial stability. The discussion included macroeconomic risks arising from climate change and addressing these risks. We hope that the progress made at this meeting will help address the economic challenges faced by countries around the world.
