1. Deputy Prime Minister and Minister for Finance, Mr Heng Swee Keat, participated in the Extraordinary G20 Finance Ministers and Central Bank Governors Virtual Meeting on 23 March 2020.
2. The video conference was co-chaired by Saudi Arabian Finance Minister, Mr Mohammed Al-Jadaan, and Governor of the Saudi Arabian Monetary Authority, Mr Ahmed Alkholifey. G20 Finance Ministers and Central Bank Governors discussed the need for a strong and coordinated international response to address the COVID-19 pandemic.
3. DPM Heng said during his intervention that “the stronger the measures to contain the pandemic, the more severe the impact on our economies. We must be prepared to take short-term pain to avoid bigger losses and within each country, we will need to use fiscal tools to preserve jobs, help companies with credit facilities, and support vulnerable households. We can learn from one another.” DPM Heng also called on the G20 to send a strong signal that we are united in tackling COVID-19, to coordinate international fiscal and monetary measures and to help the global economy recover.
Issued by Ministry of Finance
23 March 2020