PHOTO
Abu Dhabi: In support of the international efforts to address the Covid-19 pandemic, The Ministry of Finance (MoF) participated in the virtual G20 meetings, which took place over the past three days. The meetings deliberated ways to align international efforts to address the Covid-19 pandemic. Also discussed were the financial and monetary policies and procedures that must be put in place to achieve strong, sustainable and balanced economic growth given the current situation.
H.E. Younis Haji El Khoori, Undersecretary of MoF, pointed out the importance of coordinating global efforts to face the challenges of the pandemic, considering its risk is not isolated to a single region or country, but globally. H.E. stressed the importance of such international meetings to achieve a unified global stance, to accelerate the implementation of necessary financial measures to limit the economic and social repercussions of this crisis.
H.E. said: “Since the beginning of the crisis, the UAE has launched a package of coordinated financial and economic measures to combat the pandemic and reduce its economic and social impact, by supporting individuals and businesses within the country, including SMEs. This is being done in a manner that ensures continuity of growth and sustainability of economic development. We will continue to work with our partners from around the world to support international efforts to reduce the unprecedented economic, social and humanitarian effects of this crisis.”
On the first day, a meeting of the Framework Working Group (FWG) took place. Reviewed at the were the financial and monetary policies and measures taken by the UAE to confront the crisis and protect the national economy, as well as the short- and long-term financial risks facing the global economy due to Covid-19. Also discussed was the role of the G20 and other international organisations in finding global solutions to address the current economic slowdown.
On the second day, a meeting for the International Financial Architecture Working Group took place and discussed international organisations’ role in reducing the economic impact of this crisis, as well as ways to enhance the financial standing of affected countries with the lead of the World Bank and the International Monetary Fund. The meeting also addressed the contribution of the working group in coordinating the G20’s global economic policy to confront the Covid-19 pandemic.
On the third and final day, a meeting of the Infrastructure Working Group took place to discuss the importance of the latest technologies in increasing the efficiency of investment in infrastructure, and examining the extent of the impact of the current crisis on infrastructure investments in various countries of the world. Additionally, also identified and proposed were appropriate regulatory frameworks and innovative methods for financing infrastructure investments.
During the meeting, the Ministry of Finance stressed the need to develop an international agenda that enhances the vital infrastructure capabilities of countries and enables them to expand the response to emergency situations. The ministry also indicated the importance of knowledge sharing and best practices on sustainable infrastructure financing measures to bridge the global infrastructure financing gap. MoF also and noted that preparing for crises and emergencies is one of the most essential elements to building a high-quality infrastructure.
The meetings of the G20 working groups was a follow up on the recommendations of the recent G20 summit, who entrusted the financial track of the group to prepare an integrated global plan to enable countries to respond to all financial requirements to face this pandemic.
-End-
For more information, please contact:
Mary Khamasmieh
Weber Shandwick
M: +971 50 2731 753
E: mkhamasmieh@webershandwick.com
Rawad Khattar
Weber Shandwick
M: +971 56 336 2131
E: RKhattar@webershandwick.com
Evita Karam
Weber Shandwick
M: +971 50 412 0310
E: EKaram@webershandwick.com
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
