Business Bureau, Gulf Today

In support of the international efforts to address the Covid-19 pandemic, The Ministry of Finance (MoF) participated in the virtual G20 meetings, which took place over the past three days. The meetings deliberated ways to align international efforts to address the Covid-19 pandemic. Also discussed were the financial and monetary policies and procedures that must be put in place to achieve strong, sustainable and balanced economic growth given the current situation.

Younis Haji El Khoori, Undersecretary of MoF, pointed out the importance of coordinating global efforts to face the challenges of the pandemic, considering its risk is not isolated to a single region or country, but globally. He stressed the importance of such international meetings to achieve a unified global stance, to accelerate the implementation of necessary financial measures to limit the economic and social repercussions of this crisis.

He said: “Since the beginning of the crisis, the UAE has launched a package of coordinated financial and economic measures to combat the pandemic and reduce its economic and social impact, by supporting individuals and businesses within the country, including SMEs. This is being done in a manner that ensures continuity of growth and sustainability of economic development. We will continue to work with our partners from around the world to support international efforts to reduce the unprecedented economic, social and humanitarian effects of this crisis.”

On the first day, a meeting of the Framework Working Group (FWG) took place. Reviewed at the were the financial and monetary policies and measures taken by the UAE to confront the crisis and protect the national economy, as well as the short- and long-term financial risks facing the global economy due to Covid-19. Also discussed was the role of the G20 and other international organisations in finding global solutions to address the current economic slowdown.

On the second day, a meeting for the International Financial Architecture Working Group took place and discussed international organisations’ role in reducing the economic impact of this crisis, as well as ways to enhance the financial standing of affected countries with the lead of the World Bank and the International Monetary Fund. The meeting also addressed the contribution of the working group in coordinating the G20’s global economic policy to confront the Covid-19 pandemic.

On the third and final day, a meeting of the Infrastructure Working Group took place to discuss the importance of the latest technologies in increasing the efficiency of investment in infrastructure, and examining the extent of the impact of the current crisis on infrastructure investments in various countries of the world. Additionally, also identified and proposed were appropriate regulatory frameworks and innovative methods for financing infrastructure investments.

During the meeting, the Ministry of Finance stressed the need to develop an international agenda that enhances the vital infrastructure capabilities of countries and enables them to expand the response to emergency situations. The ministry also indicated the importance of knowledge sharing and best practices on sustainable infrastructure financing measures to bridge the global infrastructure financing gap. MoF also and noted that preparing for crises and emergencies is one of the most essential elements to building a high-quality infrastructure.

The meetings of the G20 working groups was a follow up on the recommendations of the recent G20 summit, who entrusted the financial track of the group to prepare an integrated global plan to enable countries to respond to all financial requirements to face this pandemic.

The Ministry of Finance has announced recently the launch of the unified digital platform to settle fees for common federal and local government services, to find an optimal interconnected alternative with the aforementioned systems, and to provide shared government services without manual procedures.

The new platform will manage financial settlements and accounting operations, thus aligning data accuracy and ensuring speed, efficiency and effectiveness. The aim is to achieve sustainability of financial flows for federal and local revenue, using modern systems and technologies.

Younis Haji Al Khoori, Undersecretary of MoF, stressed that this platform is in line with the ministry’s endeavour to enhance cooperation with other government entities by bolstering FinTech platforms and services to achieve their strategic, operational and financial goals.

He said, “The platform, which was developed to the highest global security standards, links various local and federal government entities, and ensures the sustainability of financial flow for federal revenue.”