The UAE participated in the first G20 Finance and Central Bank Deputies (FCBD) meeting under South Africa’s G20 Presidency, held in Johannesburg from 11th to 12th December 2024.

The meeting, alongside the Joint Sherpa and Finance Deputies Meeting, focused on advancing the G20 Finance Track priorities for 2025, in line with the South African Presidency’s theme of Solidarity, Equality, and Sustainability.

The UAE delegation was headed 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.

During the meeting, discussions centred on key issues such as the global economic outlook, financial stability, debt vulnerabilities, sustainable finance, infrastructure development, financial inclusion, health finance collaboration, and international taxation.

The UAE delegation reaffirmed its commitment to the G20’s evolving process, expressing support for South Africa’s priorities and highlighting the need to address global challenges effectively.

On the global economic outlook, the UAE emphasised the need to strengthen fiscal space, rebuild macroeconomic buffers, and promote inclusive economic recovery through international partnerships.

The UAE acknowledged the urgent global challenges affecting the international financial architecture, including low growth, high debt, and limited fiscal space.

The delegation supported the South African Presidency’s priorities in this regard, with AlKhoori emphasising the importance of innovative financing mechanisms to bolster global financial stability and support emerging markets and developing economies.

The UAE also expressed strong support for the proposed work plan for the G20 Finance Track’s infrastructure agenda for 2025. AlKhoori highlighted the need to address fiscal constraints, engage with global climate finance funds, and prioritise regional and sectoral needs to drive infrastructure investment.

On financial sector issues, AlKhoori stressed the need for improved data quality in cross-border payments, greater use of artificial intelligence and cybersecurity, and enhanced digital infrastructure to promote financial inclusion.

The UAE also backed the South African Presidency’s workplan for Sustainable Finance in 2025, particularly in aligning with global climate finance frameworks and developing domestic carbon markets.

In the area of international taxation, the UAE reiterated its commitment to creating a more inclusive international tax system. AlKhoori underscored the importance of evaluating the impact of Pillar 2 on BEPS Action items, advancing tax transparency, and developing compliant tax incentives for multinational companies.

Furthermore, AlKhoori stressed the need for strategic investments to address inequalities and ensure readiness for future health emergencies.

At the close of the FCBD meeting, the deputies reiterated their commitment to the G20 priorities for 2025 and agreed to review progress at the next meeting.