MoF highlights provision of govt support in SME financing

The Ministry of Finance (MoF) participated in the G20 Finance Track’s third and final Global Partnership for Financial Inclusion (GPFI) meeting, which took place virtually.

The meeting focused on the assessment of this year’s achievements and set the stage for the

Global Partnership for Financial Inclusion meeting (GPFI) 2021 priorities and work plan.

Mariam AlHajri, Deputy Director of the General Department at MoF attended the meeting.

The ministry highlighted the need to address all barriers obstructing the advancement of a fair and equitable financial inclusion for all people in need.

More specifically, it emphasised the importance of aligning with the UN Sustainable Development Goals recommendations about enhancing the representation of countries on the global stage through developing a partnership strategy while also enhancing the collaboration and learning with other G20 working groups.

As the UAE now prepares to participate in the GPFI meetings as a non-G20 member for the next three years, it has suggested three key priorities to be taken forward under the G20 Italian presidency in 2021.

These include the development of digital platforms to intensify the knowledge transfer among GPFI members, the need to focus on women entrepreneurship and the provision of government support in SME financing.

The outcomes of this GPFI meeting will be discussed during the upcoming fourth ordinary Finance Ministers and Central Bank Governors meeting in October 2020 and to G20 leaders in November 2020.

Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, MoF, participated earlier in a high-level G20 virtual forum titled ‘Enhancing Access to Opportunities in the Middle East,’ organised by the International Monetary Fund, IMF, the Saudi Ministry of Finance and the Saudi Arabian Monetary Authority.

During the forum, the participants 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 Ms. 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, 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. He 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 small and medium-sized enterprises, SMEs.

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

He 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.

The Ministry of Finance (MoF), recently held the Government Financial Policy Coordination Council’s third meeting of the year, where discussions were held to boost the UAE’s standing on the global competitiveness map.

Younis Haji Al Khoori, Under-Secretary of the MoF, and Chairman of the Council, chaired the meeting, which was held virtually, alongside Saeed Rashid Al Yateem, the Assistant Under-Secretary of Resources and Budget Sector and the Vice-President of the Council.

The meeting was also attended by council members from several UAE government entities, and representatives of UAE departments of finance. Al Khoori underscored the importance of the meeting in analysing financial statements and deliberating issues in financial and monetary policies, considering the unprecedented circumstances the world is experiencing due to the COVID-19 pandemic.

WAM