The world’s financial leaders agreed on Friday to maintain expansionary policies to help economies survive the effects of COVID-19, and committed to a more multilateral approach to the twin coronavirus and economic crises.
G7 finance ministers on Friday backed an extension of a G20 bilateral debt relief initiative for the world’s poorest countries, but said it must be revised to address shortcomings hindering its implementation.
Sheikh Mohammed said, “This summit is an evidence of the wisdom that humanity has reached over many centuries throughout its history. This wisdom says that our interest is in the cooperation, our strength is in the solidarity and that we are all one.”
Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF), participated in a high-level G20 virtual forum titled ‘Enhancing Access to Opportunities in the Middle East (ME).’
The United States is pushing in the G20 for agreement on a global minimum corporate tax to stem the erosion of government revenues, US Treasury Secretary Janet Yellen said on Monday.
Riyadh will host G20 Leaders' Summit on Nov.21-22, 2020, Saudi Press Agency reported
In a statement issued on Tuesday by the Kingdom, the G20 will act, alongside international organisations, in any way deemed necessary to alleviate the impact of the pandemic. G20 Leaders will put forward a coordinated set of policies to protect people and safeguard the global economy.
Sheikh Mohamed Bin Zayed thanked Saudi Arabia and King Salman for organising the G20 summit, to strengthen the international efforts to prevent the spread of coronavirus. Holding the summit highlighted the awareness of G20 members of the gravity of the situation and their international responsibilities during this critical period, he added.
The premier lauded the debt relief measures after Finance Advisor Dr Abdul Hafeez Sheikh called him and informed him about the planned approval of an additional $1.4 billion concessionary financing from IMF to deal with the economic impact of coronavirus.