G20 meeting discusses the latest developments of global economy

The UAE’s Ministry of Finance (MoF) and the Ministry of Health and Prevention (MoHAP) recently participated in the virtual Joint Meeting of G20 Finance and Health.

The meeting sought to discuss the latest developments about the global economy, and to review and endorse the G20’s statement regarding the joint health and finance response to the COVID-19 pandemic.

The finance ministers of the G20 member stressed the need for all international efforts to develop effective plans to mitigate the repercussions of COVID-19 and accelerate the process of economic recovery in a way that guarantees strong and balanced global economic growth.

Younis Haji Al Khoori, Under-Secretary of MoF, represented Obaid Bin Humaid Al Tayer, Minister of State for Financial Affairs, and Dr. Yousif Mohammed Al Serkal, Director-General of the Emirates Health Services Establishment, represented Abdul Rahman bin Mohammad Bin Nasser Al Owais, Minister of Health and Prevention, in addition to several health and finance ministers of the G20 member, International Organisations, and other invited countries attended the meeting.

The ministers endorsed the G20 joint statement on the joint health and financial response to counter the effects of COVID-19, which emphasised the importance of joint international cooperation to enable the health sector to face various crises in the future.

The ministers tasked the different G20 work groups to organise their agendas in line with the joint statement and the G20 Action Plan, which aims to mitigate the aftermath of COVID-19 for the remainder of this year.

They also tasked them to continue assessing and reporting back on the progress in the upcoming ministerial meetings.

G20 Finance Ministers and Central Bank Governors will meet on Oct.14, 2020, to review the progress in the G20’s statement regarding the joint health and finance response to the COVID-19 pandemic.

Earlier the UAE’s Ministry of Finance (MoF) has announced the launch of the Third Generation e-Dirham cards (e-Dirham G3), in cooperation with new government entities and national banks across the UAE.

According to the Ministry, these new cards facilitate the collection of state fees and revenues, make transactions more convenient, and give customers easier and safer e-payment methods when paying government fees.

The new phase of the system included the Ministry of Economy; the Ministry of Finance; Emirates Development Bank; Department of Finance, Ajman; Dubai Chamber of Commerce and Industry, and Zayed University.

Also included were several national banks, namely the Commercial Bank of Dubai, First Abu Dhabi Bank; Abu Dhabi Islamic Bank; Ras Al Khaimah Bank and National Bank of Fujairah.

Younis Haji Al Khoori, Under-Secretary of MoF, said, “Since its launch, the e-Dirham system improved rapidly, embodying the best international practices in Fintech and digital payments, and providing customers with unprecedented flexibility and security, in line with the UAE Vision 2021’s objectives.”

He added, “We will continue to cooperate with our strategic partners to further improve services in various government entities, and to provide new and advanced digital payment methods that contribute to the UAE’s digital transformation. This will enhance the UAE’s standing in global competitiveness indices, in smart governance, and in adopting a knowledge-based and digital economy, in line with the wise leadership’s directives and the UAE Centennial 2071’s objectives.”

With the e-Dirham’s advanced digital infrastructure, customers can now pay their service fees directly through their phones via the e-Dirham app ‘Mubasher’ - providing flexibility, efficiency and security. They simply need to link the app with one of their bank account at one of the participating banks, to then be able to make instant payments, view their transaction history and manage their user profile on the go.

The new generation of e-Dirham includes 3 cards with different benefits: The ‘Hala Card’ is a card suitable for new customers who want make one-time payments. No registration or documents are required, and the card can be topped-up with a balance of up to Dhs3,500. The ‘Gold Card’ is a prepaid card with multiple recharge options, suitable for regular payments and multiple transactions. This card requires registration to provide an additional level of security. The ‘Premium Card’ is a customisable prepaid card that requires registration. It is suitable for individual and corporate customers with high balances without a maximum recharge limit.

WAM