H.E. Obaid Humaid Al Tayer Participates in Second Regular Meeting for G20 Finance Ministers and Central Bank Governors

H.E. Obaid Humaid Al Tayer, Minister of State for Financial Affairs, participated in the second regular meeting of G20 Ministers of Finance and Central Bank Governors today, which took place virtually, to follow up on the commitments that G20 leaders made to overcome the challenges of the COVID-19 pandemic, and to deliberate the global economic prospects given the continuing crisis.

H.E. Obaid Humaid Al Tayer stressed the UAE’s keenness to support all international efforts aimed at facing the challenges posed by the pandemic, particularly in the areas of health, society, economy and development. H.E. also noted the need to coordinate the global economic response to give governments a robust foundation to build upon, and put in place the necessary economic measures to mitigate the current crisis.

H.E. said: “During the meeting, we reiterated the need to take swift and decisive measures for the proposed response plans from participating countries and members, as well as the importance of building more flexible economic and social sectors and infrastructure to cope with this crisis and any future threats and turmoil.”

H.E. added: “Assuming the G20 2020 Presidency, Saudi Arabia was able to enhance international cooperation and solidarity and coordinate global efforts to combat the emerging COVID-19 pandemic and limit its economic, social and humanitarian impacts on various peoples and countries of the world.”

Also discussed at the virtual meeting were the effects of social restrictions on the global economy, and the need to build a strong foundation to accelerate the process of economic recovery to ensure strong and sustainable growth.

The second regular meeting of the G20 finance ministers and central bank governors follows a series of extraordinary general meetings that were previously held, in light of global developments in social, economic, humanitarian and health spheres as a result of the spread of the novel Coronavirus pandemic.

Ministers of Finance and Central Bank Governors participated in the meeting, along with delegations from member states and invitees to the G20 and global international organisations.