Al Tayer participates in International Monetary and Financial Committee meeting

Obaid Humaid Al Tayer, Minister of State for Financial Affairs has stressed that the UAE's keen to coordinate with the international community and international organisations to overcome the current risks and challenges, and to contain the crisis and galvanise economic recovery and sustainable growth.
He said this during his participation today in the virtual International Monetary and Financial Committee, IMFC, meeting, with the aim to unite international efforts to address the economic crisis the world is witnessing due to the COVID-19 pandemic.
The meeting was also attended by Abdulhamid Saeed, Governor of the UAE Central Bank, and Kristalina Georgieva, Managing Director of the International Monetary Fund, and several finance ministers from countries around the world.
Al Tayer underscored the importance of international cooperation, in light of the severe challenges that several emerging markets and developing countries are facing due to the pandemic.
He said: "The UAE has taken decisive and unprecedented political and economic measures to mitigate the health, economic and social impact of the virus. The country has demonstrated its commitment to harnessing all its resources to counter and lessen the negative effects of the pandemic. And, as the situation continues to unfold, we see a greater need for multilateral cooperation. Certain countries will need financial support, and private creditors should help alleviate debt burdens.
"We welcome any measures that contribute to quell the effects of the crisis, including concessional loans, eased financial conditions and expanded swap facilities by central banks."
Al Tayer added: "We also welcome the Funds efforts to provide financial assistance to countries in need, including easing access to regional cooperation frameworks, RCFs, and requests for information, RFIs, the reformed CCRT, as well as the debt burden relief efforts. We call for the flexible application of lending limits and eligibility criteria to ensure that emergency financing is available to all members who need it."
He made several additional recommendations, including the importance of maintaining a strong, quota-based, and adequately resourced fund at the centre of the global financial safety net. He also noted the importance of continued communication to manage expectations and maintain public trust.
The IMFC meeting was part of the meeting held last month to discuss ways to address the economic and financial impacts of the COVID-19 pandemic, and to devise a coordinated global response to it.
- Wam