PHOTO
The Ministry of Finance (MoF) recently participated in the 5th Framework Working Group meeting within the G20 Finance Track, which took place remotely. The meeting discussed global economic expectations, and the required obligations from G20 members to achieve global economic stability and accelerate economic recovery to ensure balanced and sustainable growth.
Ali Sharafi, Director of the Budget Department, and Abdullah Ahmed Al Obaidly, Director of Relations and International Financial organisations participated in the meeting.
The MoF delegation stressed the need to strengthen economic coordination in the health, social and economic sectors to stimulate recovery and revive growth. They noted that to do so, it’s important to coordinate a health response to facilitate access to COVID-19 tools, reducing trade-restrictive measures to ensure a sustainable supply of food and medical products, and increasing medical infrastructure investments to ensure preparedness for future pandemics. That, in addition to investing in the digital transformation with regards to business and government services, supporting FinTech solutions, and reducing negative economic repercussions across borders through the coordination of health and economic policies across countries.
The international organisations participating in the meeting provided a brief overview of the latest developments related to the global economy. Participants discussed the progress made in the G20 action plan "Supporting the Global Economy During the COVID-19 Pandemic," which sets out the main principles to guide countries' response and commitments to achieving strong, sustainable, balanced and inclusive growth. It should be noted that the results of the framework working group meeting will be presented to the G20 finance ministers and central bank governors in October 2020 and to the G20 leaders in November 2020.
© Press Release 2020
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.
