G20 discusses ways to enhance access to opportunities in ME

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 International Monetary Fund (IMF), the Saudi Ministry of Finance and the Saudi Arabian Monetary Authority, organised the forum, and deliberated ways to enhance access to opportunities in Arab countries.

It also aimed to benefit from global and regional experiences in combatting the COVID-19 pandemic.

Mohammed bin Abdullah Al-Jadaan, Saudi Minister of Finance; Dr. Ahmed Alkholifey, Governor of the Saudi Arabian Monetary Authority; and Kristalina Georgieva, Managing Director of IMF, arab finance ministers and central bank governors, and leaders of international and regional financial institutions participated in the meeting.

During the forum; Younis Haji Al Khoori highlighted the need to benefit from opportunities in light of the COVID-19 crisis, and to enhance countries’ ability to adapt to the new environment it imposed.

Al Khoori emphasised enhancing market connectivity, creating platforms to help build talent, and facilitating access to knowledge and flexibility in labour markets.

He stressed the need to ensure the private sector’s participation and bridge the financing gap for SMEs.

He also called for cooperation and working towards recovering and achieving sustainable and inclusive growth to enhance the future generations’ well-being and prosperity.

Younis Haji also said: “Despite the crisis we are facing, we have witnessed new opportunities in various sectors, including telecommunications, e-payments, education technologies and healthcare services, which reaffirms that opportunities still exist.”

During the first session, Kristalina Georgieva chaired a panel discussion on international experience with policies to promote access to opportunities. The second session was chaired by Dr Ahmed Alkholifey and focused on policies to enhance access to opportunities in the Mena region.

During this session, the participants discussed the roadmap for the 2021 annual meetings taking place in Marrakesh.

The UAE’s participation in the G20 meetings in 2020 came in response to the invitation it received from Saudi Arabia, during its presidency of the G20 until the end of November this year.

Meanwhile the Ministry of Finance (MoF,) has participated in the G20 Finance Track, the Fourth Infrastructure Working Group, IWG, meeting, and discussed challenges and potential solutions faced by the world in infrastructure investments.

Discussions at the meeting also involved efforts of the G20 members to bridge the infrastructure investment gap, which promotes the recovery and growth of the global economy. Ali Sharafi, Director of the Budget Department at MoF, participated in the meeting.

During the meeting, which was held virtually, MoF reaffirmed the UAE’s determination to continue supporting international efforts to mitigate the repercussions of the COVID-19 pandemic, by promoting investment in infrastructure.

The ministry also highlighted the importance of bridging the data gap for advancing the G20 Roadmap to Infrastructure as an Asset Class.

It also emphasised restoring investor confidence through facilitating possible exchange of knowledge on different government incentive programmes on infrastructure investments, as well as leveraging project data, to display the availability of infrastructure deals on a global and local scale.

Furthermore, MoF noted the importance of deploying digitally enabled investments and financial innovation solutions to spur quality investments and support the inclusion of smaller market-players.

Also stressed was the creation of a ‘readiness for crisis and emergencies’ indicator, in order to promote the infrastructure flexibility to combat crises.

Additionally, the Ministry called for promoting new forms of investments and particularly those involving non-banking financial institutions in infrastructure financing.

During the meeting, the members discussed the IWG contribution to the G20 Action Plan building on the G20 Infrastructure efforts to increase the resilience of infrastructure against risks and promote quality infrastructure investments.  Additionally, the members discussed ways to accelerate efforts to mobilise private sources of infrastructure financing, and enhance the accessibility and availability to infrastructure data in support of investment decisions.

WAM