UAE participates in second virtual meeting for G20 ministers of finance and central bank governors

Obaid Humaid Al Tayer, Minister of State for Financial Affairs, participated today in the second virtual meeting with G20 ministers of finance and central bank governors, to discuss the next steps to develop and activate the G20 and global financial institutions’ action plan to contain the negative effects of coronavirus, COVID-19, and coordinate the necessary measures to fulfil the G20 leader’s commitment of directing all available resources to face the global challenges posed by this virus.

Obaid Al Tayer stressed the need to continue uniting international efforts to address this pandemic, and lessen its economic and social impact on the region and the world. He also reiterated the importance of these meetings, especially in the face of the unprecedented challenges, which call for extraordinary measures to be taken to mitigate the effects of the pandemic, ensure financial stability, continued growth and sustainable economic development.

He said: "We are keen on continuing coordination and cooperation by providing support to local and international efforts to face the pandemic’s challenges along with its health, social and economic impacts, while stressing on the importance of the actions and commitments that the G20 leaders adopted during their last meeting."

The meeting discussed the next steps that the G20 ministers of finance and central bank governors will take to develop and activate the action plan that includes the exceptional financial and monetary measures taken by all members of the G20, defines policy recommendations to protect the international community and reduce the spread of the virus to prevent a global economic crisis, and takes medium and long-term precautionary steps and measures to stimulate market recovery and ensure the continuity and sustainability of economic growth in a balanced and comprehensive manner.

The virtual G20 meeting was initiated by Saudi Arabia - the host of the next G20 summit. Many leaders of countries and representatives of a number of international organisations attended the meeting to discuss ways to combat COVID-19, which resulted in taking firm economic, health and social measures.

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