Mohieldin Hails Great Organizational Development of World Government Summit in UAE

On Saturday, Dr. Mahmoud Mohieldin, United Nations Special Envoy for Financing 2030 Sustainable Development Agenda, confirmed that the World Government Summit organized by the United Arab Emirates is witnessing great development year after year, both at the organizational and topics of discussion levels.

Mohieldin pointed, in media statements on the sidelines of his participation in the summit, to the importance of the meeting held in coordination between the UAE Ministry of Finance, the Arab Monetary Fund and the International Monetary Fund within the activities of the summit, which discussed the latest updates in the global economic situation and their impact on the Arab region and reviewed the key performance indicators of the global economy, with the participation of Arab ministers of Finance.

Mohieldin said that the meeting discussed the expected economic growth rates in 2023, as the countries of the Middle East region, to which most Arab countries belong, are expected to achieve an average economic growth of more than 3%, which exceeds the average global economic growth, which is expected to achieve a rate that does not exceed 3% due to current performance indicators. He pointed out that there is a sharp disparity in the expected economic growth rates of Arab countries between food and energy exporting and importing countries this year.

Mohieldin added that the meeting discussed the challenges facing developing countries to finance sustainable development which relate to the management of public indebtedness, explaining that some of these challenges resulted from the crises of the Corona pandemic and the war in Ukraine and others date back to before the two crises that contributed to exposing and complicating these problems, what was recently confirmed by US Treasury Secretary Janet Yellen at meetings of the Atlantic Council.

“The meeting discussed the climate crisis and its impact on the global economy, as in this context, they reviewed the results achieved by COP27 held in Sharm El-Sheikh last November, most notably the launch of the Loss and Damage Fund and the placement of the file of adaptation to climate change at the top priority for climate action through the launch of Sharm El-Sheikh Adaptation Agenda which focuses on five main areas of work: food and agriculture, water and nature, coasts and oceans, human settlements, and infrastructure.” Mohieldin said, adding that during the meeting, ways to enhance private sector participation in financing climate change adaptation projects were also discussed.

Mohieldin stated that the meeting discussed the policy paper prepared by the Anti-Poverty Council, which is one of the global development councils hosted by the United Arab Emirates, which links climate action and the fight against poverty and the provision of suitable funding to deal with the two files at a the same time, which confirms the importance of the holistic approach adopted by Egypt to deal with the climate crisis as an issue closely linked to the rest of the sustainable development goals, foremost of which is the goals of combating poverty and providing job opportunities.