World facing unparalleled fiscal and monetary policy issues: UAE tells G20

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Members at the fourth meeting of the Group of Twenty, G20, Finance and Central Banks' Deputies which was held remotely on the July 16 and 17.
Members at the fourth meeting of the Group of Twenty, G20, Finance and Central Banks' Deputies which was held remotely on the July 16 and 17.

DUBAI — Younis Haji Al Khoori, undersecretary of the Ministry of Finance, stressed the importance of global coordination to support countries in creating the necessary fiscal space to respond to the local spending needs.

He was speaking in the fourth meeting of the Group of Twenty, G20, Finance and Central Banks' Deputies which was held remotely on the July 16 and 17.

The meeting discussed the third G20 Finance Track Communiqué, which reflects the group’s commitment to bring the financial response needed to COVID-19 outbreak and provide the best solutions to accelerate the restoration of global economic.

Al Khoori, while stressing the importance of global coordination to support countries in creating the necessary fiscal space to respond to the local spending needs, also called for the need to provide an integrated program to monitor infrastructure financing, and to bring effective solutions to address the emergency financing needs, particularly for developing countries.

That, in addition, to the importance of dealing with the rapid spread of digital coins and their potential implications on the global financial system.

He said: "The world is facing unparalleled fiscal and monetary policy issues, so it is important at this unprecedented time of crisis for the UAE to participate and contribute to the global response.

“This Communiqué is to deliver the G20 commitments to address the financial response to the pandemic with agility, flexibility, and readiness to overcome all the challenges with the least damage possible."

The meeting, chaired by Saudi Arabia, discussed the preparations to hold the G20 Finance Ministers and Central Bank Governors set to take place Saturday and discuss the Global Economy, the G20 Finance Track Action Plan in Response to the COVID-19 Pandemic, and the G20 work program in year 2020.

The Finance Ministers and Central Bank Governors will also sign the third G20 Communiqué on the financial response as agreed by the deputies.

The G20 Finance and Central Banks’ Deputies will meet again in October 2020 to finalize the Finance Track work program ahead of the 4th and last G20 Finance Ministers’ and Central Bank Governors’ meeting to be held on Oct. 15 and 16. — WAM


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