Thu 15-10-2020 17:44 PM
DUBAI, fifteenth October, 2020 (WAM) — Obaid Humaid Al Tayer, Minister of State for Monetary Affairs, participated within the fourth G20 Finance Ministers and Central Financial institution Governors’ assembly, heading the UAE delegation.
The assembly which passed off just about yesterday mentioned the newest world financial outlook in gentle of the newest developments and evolving scenario with the COVID-19 pandemic.
The UAE delegation included Saif Hadef Al Shamsi, Deputy Governor of the Central Financial institution of the UAE.
Through the assembly, Al Tayer harassed the significance of the calibration of coverage responses as governments proceed to pursue balanced and sustainable financial restoration.
He additionally famous that the financial progress prospects within the GCC area and around the globe are intertwined with the trail of COVID-19 outbreak. Thus, governments ought to stay vigilant and utilise all doable monetary coverage choices to realize a powerful and sustainable financial restoration in 2021.
He mentioned, “I wish to thank the G20 members and members for his or her collaboration on the event of the G20 COVID-19 Motion Plan, and for showcasing the UAE’s contribution to the event of this flagship and unprecedented plan. The Motion Plan is an exemplary mannequin of the worldwide collaboration that we would have liked to plan a coordinated and dedicated response to the pandemic. We’re glad within the UAE to have been a part of growing the plan, and we sit up for persevering with our contribution to its improvement because the plan lives on to information our response to this outbreak.”
The assembly mentioned numerous subjects together with methods to boost cross-border funds; growing guidelines for digital taxation amongst G20 nations; and the potential of digital forex trade. Member nations additionally reviewed the progress within the G20 Debt Service Suspension Initiative, which is topic to extension for an additional 12 months.
On the finish of the assembly, the Finance Ministers and Central Financial institution Governors endorsed the deliverables of the Working Teams and signed off the Finance Monitor’s communique. A press convention – chaired by Saudi Arabia, below its G20 presidency – was held on the conclusion of the assembly
The Finance Ministers will reconvene for his or her closing assembly of the 12 months on November twentieth, which is able to observe the joint Sherpas and Finance Deputies on November nineteenth.
WAM/Esraa Ismail/Hazem Hussein/MOHD AAMIR