International Financial Institutions (IFIs) play important role in supporting countries’ mitigation efforts during COVID-19, said Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah during the Commonwealth Finance Ministers Meeting (CFMM) via video conference on Wednesday.
The minister also called for these institutions to exercise lending flexibilities while ensuring the sustainability of their long term resources.
The IFIs’ assessment criteria in considering the request for the provision of support should be more holistic, to take into account the economic background and vulnerabilities, especially in the case of small states, Dato Seri Setia Dr Awang Haji Mohd Amin Liew added.
The CFMM was chaired by Minister of Finance and Economic Development of Botswana Dr Thapelo Matsheka and was attended by the finance ministers from Commonwealth countries and the Commonwealth Secretary General.
Under this year’s meeting, carrying the theme ‘The Commonwealth Recovery Agenda’, the Commonwealth finance ministers discussed issues related to securing long-term fiscal sustainability and driving resilient jobs and growth towards a more nascent global economic recovery following the outbreak of COVID-19.
The CFMM also welcomed the launch of the Commonwealth Disaster Risk Finance Portal (http://drf.thecommonwealth.org/) which is a repository of information on a range of financial instruments available to help member countries manage the financial impact of natural disasters.
The Commonwealth Finance Ministers Statement on COVID-19 was adopted by finance ministers, and is available at the Commonwealth website (https://thecommonwealth.org/).
Permanent Secretary (Policy and Fiscal) at the Ministry of Finance and Economy (MoFE) Hajah Norliah binti Haji Kula and officials from International Affairs Division of the MoFE were also present.