The Ministry of Finance (MoF) participated in the G20’s virtual Fifth International Financial Architecture meeting, to discuss the latest international efforts to mitigate the repercussions of the COVID-19 pandemic, and to alleviate the debt burden for countries in need.
MoF lead the UAE delegation, which included UAE Central Bank and Abu Dhabi Fund for Development representatives. G20 members, international organisations, invited countries and additional guests including Kuwait and Paris Club Secretariat also attended the meeting.
MoF noted that since the early days of the COVID-19 outbreak, the UAE stood at the forefront of international relief efforts by providing financial and non-financial support to more than 100 countries. MoF reiterated its readiness to further collaborate and explore define the exceptional policies and measures that must be taken to support countries towards a strong, sustainable, and accelerated global economic recovery.
The UAE also encouraged the G20 and the International Organisations involved to continue to explore other forms of support that will lead into accelerating the reviving of capital flows. This includes investments and maximizing the benefits of fiscal technical assistance to help countries cope with the financial pressure, and complement the Debt Service Suspension Initiative (DSSI) efforts, especially as the DSSI evolves into a financing support programme.
Two sessions were held to provide the necessary updates regarding the implementation of the G20 Debt Service Suspension Initiative (DSSI) and to deliberate over the proposed next steps to continue to support the financing strategies for countries in need in the aftermath of the COVID-19 outbreak.
The members agreed to further study the planned next steps to extend the international financial support for countries in need. They will report back in the upcoming meetings before agreeing on the final form of the revised initiative to be approved by the G20 Finance Ministers and Central Bank Governors. It will then be presented, later in the year, to the world leaders as part of the G20 Finance Action Plan.
