The Ministry of Finance (MoF) participated in the G20's virtual Eighth and final Exceptional International Financial Architecture (IFA) working group meeting, which took place on 05 November 2020. The meeting sought to finalise discussions on the latest global efforts to alleviate debt burden for countries in need, ahead of the Leaders' Summit scheduled on 21 and 22 November, 2020.
MoF, represented by Asma Alzarooni, Head of Exchange of Tax Information Section at MoF, lead the UAE delegation, which included UAE Central Bank and Abu Dhabi Fund for Development representatives. G20 members, invited countries and International Organisations attended the meeting.
During the meeting, the UAE delegation welcomed the achievements of the G20 Debt Service Suspension Initiative (DSSI) and supported the group's ambition to reach as many eligible debtors as possible. The UAE delegation reviewed its experience regarding the DSSI, and praised the efforts made by International Organisations in facilitating communication between creditors and debtor countries.
The meeting focused on exploring ways to maximise the benefits of the G20 DSSI and address some of the outstanding issues related to the initiative, namely the payment of arrears and the payments due on syndicated loans without affecting third parties.
The work group leads collected the feedback and suggestions from the attendees during the meeting, which will be summarised and reflected in the final design of the Debt Service Suspension Initiative and its extension, prior to the upcoming Finance Ministers and Central Bank Governors meeting – which will be held later this month.