MoF Participates in Third Meeting for G20 Undersecretaries of Ministries of Finance and Central Bank Representatives

H.E Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF), participated today in the third meeting of the Undersecretaries of Ministries of Finance and Central Bank representatives in the Group of Twenty (G20). The meeting was held remotely and deliberated the economic prospects that the world might witness with the ongoing COVID-19 crisis. Also discussed were the commitments that the G20 leaders made in the virtual G20 summit last month.

During the meeting, H.E. Younis Al Khoori praised the efforts of the G20 and other international organisations in providing financial support to countries in need of assistance to face the emerging pandemic. Furthermore, he stressed the importance of meetings like these, which are a platform to implement the decisions issued by G20 leaders. These moves help stabilise the global economy to ensure continued growth and sustainable economic development.

H.E. said: “During the meeting, we ensured to stress the need to continue global exchange of information, especially in these exceptional times. It will help nations take the necessary preventive economic measures to contain this crisis. We also recommended that global efforts to deal with the current crisis should be supported by a well-defined road map that will guarantee that we achieve the desired goals.”

Also discussed at the meeting was the preparations for holding a meeting with Their Excellencies, the Finance Ministers and Central Bank Governors, from the Group of Twenty, which is scheduled to deliberate several issues, the most prominent among which are: The effects of social distancing on the global economy; ways to develop a coordinated economic response globally to mitigate the negative economic effects of the crisis; and a discussion on the need to build a resilient foundation to accelerate economic recovery.

The second regular meeting for the G20 Ministers of Finance and Central Bank Governors will be held virtually tomorrow, Wednesday, April 15, 2020.