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The UAE recently participated in the G20 Finance Track’s first Global Partnership for Financial Inclusion (GPFI) meeting, which took place virtually. The meeting discussed the COVID-19 recovery prerequisites to achieve financial inclusion for individuals and micro, small and medium enterprises (MSMEs). That, in addition to programmes for financing digital financial inclusion and MSMEs’ projects, ways to provide digital financial solutions to promote resilience and financial literacy, and financial consumer protection during the pandemic’s recovery period.
Mariam Al Hajri, General Budget Deputy Manager at Ministry of Finance; along with Fatima Al Jabiri, Assistant Executive Director and Head of Consumer Protection Department at the Central Bank of the UAE represented the UAE G20 team participating in the meeting. G20 members and invited countries, non-G20 GPFI invited members, representatives of international organisations and the GPFI’s affiliated partners attended the meeting, which was held under the Italian presidency of the G20 this year.
During the meeting, the UAE G20 team reaffirmed the country’s ongoing efforts to spur the MSMEs sector, which is at the forefront of the UAE's mission to become a global incubator for industry, trade and innovation. The team mentioned that the pandemic had several repercussions on businesses, which is important for the GPFI to measure the relevance of the countries’ level of development to these repercussions, in order to come up with practical solutions to help various countries face the challenges. The UAE team also noted that the G20 need to provide policy makers with the necessary tools to assess the pandemic's effect on MSMEs financial inclusion on sectoral basis.
The UAE G20 team noted that digital competencies serve to increase MSMEs’ financial inclusion, by providing direct access to alternative cost-effective channels, and creating a broad network of MSMEs’ investors, thus unlocking untapped resources. The team indicated that there is a need to improve financial literacy programmes during the post-COVID era, as it will elevate the financial behaviour of individuals and companies, and enable them to make sound financial decisions.
The G20 Finance Track’s second GPFI meeting will be held on June 24 and 25, 2021 to review the progress of the approved reports and programmes.
© Press Release 2021
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