APEC finance ministers meet virtually to exchange ideas on economic recovery

PUTRAJAYA: On 25 September 2020, finance ministers of Asia-Pacific Economic Cooperation (APEC) economies met virtually to exchange views on fiscal and monetary interventions to mitigate the economic impact of COVID-19, as well as recovery measures to build a more resilient economy.

As the host of APEC 2020, Malaysia has set the theme as “Optimising Human Potential Towards A Resilient Future of Shared Prosperity: Pivot. Prioritise. Progress.”

Malaysian Finance Minister Tengku Zafrul Tengku Abdul Aziz, who chaired the meeting, said that APEC member economies have responded with a wide range of measures to address the impact of the pandemic.

“We have worked together as a region and should continue to do so with a compassionate, coherent and comprehensive response, as well as a shared sense of responsibility,” said Tengku Zafrul.

During the virtual meeting, representatives discussed the fiscal and monetary interventions undertaken by governments, which aim to protect lives, livelihoods and businesses. They also emphasised the need to continue exchanging experiences, good practices as well as coordinated multilateral cooperation to ensure a strong, sustainable economic recovery among APEC member economies.

One thing that the pandemic has done is to push the world to embrace digitalisation. Never before have we seen such an openness towards adopting technology, whether it’s online shopping, online and mobile banking, or other innovative solutions. APEC member economies understand the crucial role of digitalisation to ensure financial integration and inclusion, as well as the need for financial preparedness through disaster risk financing and insurance.

The Financial Ministers’ Meeting was attended by representatives from finance ministries, central banks and financial regulators of the APEC economies as well as international organisations.

Source: NST