KHALEEJ TIMES, Saturday, Oct 17, 2020 | Safar 30, 1442
UAE stresses importance of responsiveness at G20 meet
UAE Minister of State for Financial Affairs Obaid bin Humaid Al Tayer
stressed the importance of the calibration of policy responses as
governments continue to pursue balanced and sustainable economic recovery at
the fourth G20 finance ministers and central bank governors' meeting,
heading the UAE delegation.
The meeting, which took place virtually, discussed the latest global economic
outlook in light of the latest developments and evolving situation with the
Covid-19 pandemic. Al Tayer headed the UAE delegation, which included Saif Hadef
Al Shamsi, Deputy Governor of the Central Bank of the UAE.
During the meeting, Al Tayer also noted that the economic growth prospects in
the GCC region and around the world are intertwined with the path of the
Covid-19 outbreak. Thus, governments should remain vigilant and utilise all
possible financial policy options to achieve a strong and sustainable economic
recovery in 2021.
He said: "I would like to thank the G20 members and participants for their
collaboration on the development of the G20 Covid-19 Action Plan, and for
showcasing the UAE's contribution to the development of this flagship and
unprecedented plan. The Action Plan is an exemplary model of the global
collaboration that we needed to devise a coordinated and committed response to
the pandemic. We are glad in the UAE to have been part of developing the plan,
and we look forward to continuing our contribution to its development as the
plan lives on to guide our response to this outbreak."
The meeting discussed various topics including ways to enhance cross-border
payments; developing rules for digital taxation among G20 countries and the
possibility of digital currency exchange. Member countries also reviewed the
progress in the G20 Debt Service Suspension Initiative, which is subject to
extension for another year.
At the end of the meeting, the finance ministers and central bank governors
endorsed the deliverables of the working groups and signed off the finance
track's communique. A Press conference - chaired by Saudi Arabia, under its G20
presidency - was held at the conclusion of the meeting.
The finance ministers will reconvene for their final meeting of the year on
November 20, which will follow the joint sherpas and finance deputies on