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UAE participates in final meeting for G20 Finance Ministers

The meeting was held under the Saudi presidency.

Obaid Humaid Al Tayer, Minister of State for Financial Affairs, represented the UAE in the final meeting for the G20 Finance Ministers. The meeting, which took place virtually sought to discuss the latest developments related to the financial track plans post the COVID-19 pandemic.

The meeting was held under the Saudi presidency, where G20 Finance Ministers, as well as representatives from International Organisations attended the meeting.

Al Tayer provided a view on restoring recovery post the COVID-19 pandemic, and on the importance of infrastructure finance and the flow of investments as catalysts for restoring a strong, comprehensive and balanced global economic growth. He added: “We also believe that our joint path of recovery will require embracing new financing methods to build resilient infrastructure, while also working with the private sector on new investment models to accelerate the development process.”

Also, the 7th meeting of the Finance Ministers and Central Bank Governors was held on the 13th of November, and brought together the Finance Ministers and Central Bank Governors from G20 countries, and representatives from guest countries and international and regional organisations. The meeting sought to discuss the latest economic developments; as well as developments related to the Debt Service Suspension Initiative, DSSI.

During the meeting, Al Tayer stressed on the enabling role that the international organisations can play in promoting the G20’s DSSI. He said “The DSSI is an exemplary initiative to provide financial resources to countries in need to mitigate the COVID-19 repercussions, and we believe it will have a far-reaching impact. The International Organisations have a unique opportunity to support expanding the reach of this initiative by facilitating the communication with the eligible countries in need.” WAM

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