Brazil COVID-19 Deaths Reach 100,000 and Barrel Onward    Alliance to ward off expansionism    Health Ministry:We Continue Our Research and Conduct New Clinical Trial of Vaccine against Coronavirus    Hamriyah Free Zone announces opening of multi-functional offshore & repair facility    Saudi Ophthalmology 2020 Virtual Symposium Concludes Its Sessions    Rated GCC corporates to focus on preservation rather than growth    DXB Snow Run is a big hit as registrations close within a week of opening    Juventus Sacks Sarri After Exit UEFA Champions League    Arab League Secretary General Meets with Lebanese Officials    Wall Street Closing    SR1mn fine, 10-year jail for forced beggary, labor    Health Ministry: 1,469 New COVID-19 Cases, 1,492 New Recoveries Reported, in Saudi Arabia    Building a green economy, brick by brick    We can help the UN aid Lebanon's recovery    King, Crown Prince congratulate Singaporeans    HRH Crown Prince Congratulates President of Singapore on National Day    Angry volunteers chase out ministers visiting Beirut blast site    Turkish lira hits new lows    Trump to host Iraq's PM on Aug. 20    KSrelief Dispatches Third Saudi Airlift Plane to Lebanon to Help Victims of Beirut's Port Explosion    KSA Reviews Its Experience and Success in Providing Frequency Bands for 5G Technologies    First hospitals in US implant next-generation cardiac device to reduce risk of stroke    KSrelief airlifts aid to Lebanon to help Beirut blast victims    New humanitarian air service boosts COVID-19 response in the Pacific    Al-Nasr, Al-Hilal Fans Follow up Riyadh Derby, in various Cinemas, Venues    Saudi Pro League returns with goals, red cards and shock results    Woman infected with coronavirus gives birth to healthy triplets in Al-Jouf    Woman infected with coronavirus gives birth to healthy triplets in Al-Jouf    RGDHS to Bring Together Global Healthcare Innovators to Set Out Roadmap for Fighting Pandemics    Ebrahim Alkazi, India's theater legend, dies at 95    LaLiga Academy UAE launches its 2020/2021 season at its new home at DSC    Summer training camp perfect preparation for UAE's jiu-jitsu stars    India's top minister Amit Shah tests positive for coronavirus    Aubameyang double helps Arsenal beat Chelsea for 14th FA Cup trophy    Azra Aly, South African pilgrim: ‘The beginning of the rest of my life'    Paris Saint-Germain beats Lyon to win League Cup final    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Islam calls for protecting communities against epidemics: Sheikh Al-Manea    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Saudi Waste Management Center Signs MoU to Enhance Environmental Sustainability in Saudi Arabia    Cruise Ships on Saudi Arabia's Red Sea Coasts Launched    Muslims in UAE asked to perform Eid Al-Adha prayers at home    Complementary, Alternative Medicine Practicing 1st Manual Version Issued    Saudi Ithra center launches dialogue sessions with most famous creators in the world    SFDA Implements National Program to Ensure Safety of 10,000 Food Samples    Saudi Surgeon Managed to Remove Kuwaiti Girl's Brain Tumor, as French Physician Declined, in the last Moments    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    Custodian of the Two Holy Mosques Addresses Citizens and Muslims on Eid Al-Fitr    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Finance leaders discuss capital flows volatility over coronavirus fears
Published in The Saudi Gazette on 09 - 07 - 2020

RIYADH — The Saudi G20 Presidency and the Paris Forum held on Wednesday a high-level ministerial virtual conference.
The conference discussed challenges around international capital flows volatility in emerging market economies due to the unprecedented COVID-19 crisis and possible policy responses to help restore sustainable capital flows and mobilize robust financing for development.
The conference was co-chaired by Saudi Arabia's Finance Minister Mohammed Al-Jadaan and France's Minister of Economy and Finance Bruno Le Maire.
The conference brought together finance ministers and central bank Governors, heads of international financial institutions, chief executives of private financial institutions and prominent scholars.
In response to the unprecedented health and economic crisis presented by the coronavirus pandemic, governments and central banks around the world have taken exceptional measures, including unprecedented fiscal, monetary and financial-stability measures.
Additionally, the launch of the historic Debt Service Suspension Initiative could provide around $14 billion in immediate and critical liquidity relief by official bilateral creditors alone for the poorest nations in 2020, as estimated by the World Bank Group.
This global response is delivering results, however, the situation remains challenging. Capital outflows from many emerging and developing countries have reached unprecedented levels, and their ability to draw upon an international pool of capital in a robust manner has been called into question.
In this context, related to financial resilience, debt sustainability considering progress on Debt Service Suspension Initiative as well as on development finance agenda amid the COVID-19 pandemic.
Speaking at the event, Mohammed Al-Jadaan said: "In response to COVID-19 pandemic, G20 countries have implemented unprecedented fiscal, monetary and financial stability measures and ensured that international financial institutions can provide critical support to developing and low-income countries.
"As the crisis remains unfolding, we will coordinate with G20 member countries to promote sustainable financing for developing countries, support the return of capital flows to emerging markets and developing countries, build resilience and promote more sustainable sources of financing."
Commenting on the financial volatility: the French minister said: "An unprecedented crisis requires extraordinary decisions. The G20 and the Paris Club took a historic step to address the COVID-19 impact by launching the Debt Service Suspension Initiative to the benefit of the poorest countries, in particular in Africa.
"We need to continue working together to ensure its successful implementation. In the next steps, we also need the right tools to support countries suffering from capital outflows. We cannot let this crisis destroy years of efforts to attract investors and support growth".
The conference fostered in-depth discussions on key issues through three parallel breakout sessions. The first session, "Sustainable Financing for African Development," included conversations on the DSSI and explored ways to restore market access for African countries, increase international private flows and support the African private sector, especially SMEs.
The second session, "Policy Options to Tackle the Current Situation and Support the Return of Capital Flows to Emerging Economies," focused on the outlook for capital flows, exploring tools that can be mobilized to mitigate capital outflow risks, and the role of the IMF in long-term financing.
Speaking at the session, Ahmed AlKholiefy, governor of the Saudi Arabian Monetary Authority emphasized that "Restoring flows of capital is essential to upholding the stability of the global financial system. We are working with G20 countries to better understand the drivers of these volatilities and discuss policy responses to mitigate them."
The third session, "Building Further Resilience and More Sustainable Sources of Financing for the Future," explored ways to improve emerging and developing countries' resilience, including through domestic capital markets development, while considering the immediate and medium-term trade-offs between different policies as well as the role of international cooperation.
The conference's outcomes will feed into the discussion of the G20 Finance Ministers and Central Bank Governors' meeting to be held virtually on July 18, 2020, under the Saudi G20 Presidency.


Clic here to read the story from its source.