MOF takes part in FWG meet to discuss global economic issues

ABU DHABI: The Ministry of Finance (MOF) participated in the third Framework Working Group (FWG) meeting within the G20 Finance Track for 2022. The meeting was held in a hybrid format on 29th and 30th September 2022 in Bali, Indonesia, and sought to discuss key global economic issues.

Ali Abdullah Sharafi, Assistant Under-secretary of the International Financial Relationship Sector at MOF; and Shamma Abdelghani, Project Manager and Deputy Chief Innovation Officer at MOF, atended the meeting. In atendance also were G20 members, invited countries, invited non-g20 member countries, and representatives of international organisations including the World Bank, the International Monetary Fund (IMF), and the Organisation for Economic Co-operation and Development (OECD).

The UAE team praised the key role played by the group in following up on the economic repercussions of the COVID-19 pandemic, and in seting key priorities to ensure the continuity of economic recovery and the stability of financial systems. The team also emphasised the significance of coordinating international efforts to mitigate the effects of rising food prices, and drawing effective policies to develop long-term solutions that are commensurate with the challenges brought on by climate change. The meeting discussed global economic outlook and focused on the risks including high inflation, weak economic growth, means of preserving energy security, health risks, in addition to food security and macroeconomic implications of the climate change.