Emirates: 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 November 19.