The Ministry of Finance (MoF) recently participated in the 5th Framework Working Group meeting within the G20 Finance Track, which took place remotely. The meeting discussed global economic expectations, and the required obligations from G20 members to achieve global economic stability and accelerate economic recovery to ensure balanced and sustainable growth.
Ali Sharafi, Director of the Budget Department, and Abdullah Ahmed Al Obaidly, Director of Relations and International Financial organisations participated in the meeting.
The MoF delegation stressed the need to strengthen economic coordination in the health, social and economic sectors to stimulate recovery and revive growth. They noted that to do so, it’s important to coordinate a health response to facilitate access to COVID-19 tools, reducing trade-restrictive measures to ensure a sustainable supply of food and medical products, and increasing medical infrastructure investments to ensure preparedness for future pandemics. That, in addition to investing in the digital transformation with regards to business and government services, supporting FinTech solutions, and reducing negative economic repercussions across borders through the coordination of health and economic policies across countries.
The international organisations participating in the meeting provided a brief overview of the latest developments related to the global economy. Participants discussed the progress made in the G20 action plan “Supporting the Global Economy During the COVID-19 Pandemic,” which sets out the main principles to guide countries’ response and commitments to achieving strong, sustainable, balanced and inclusive growth. It should be noted that the results of the framework working group meeting will be presented to the G20 finance ministers and central bank governors in October 2020 and to the G20 leaders in November 2020.