Financial officials and central bank representatives from the Asia-Pacific Economic Cooperation (APEC) forum concluded a meeting on Thursday (17.03.2022) focused on efforts to support the transition to sustainable finance and economic growth.
“Over the past two years, authorities around the world have adjusted their priorities to saving people's lives and protecting livelihoods,” he said. Krisada Chinavicharana, Chairperson of the 2022 APEC Finance and Central Banking Deputies Meeting, adding that “as we navigate life with the COVID-19 pandemic, many of us have realized that sustainability is a crucial part of comprehensive recovery, in order to build a better future for our people.”
At the two-day meeting held virtually, participants exchanged views and practices on policy instruments for supporting sustainable finance, as well as fiscal measures and budgetary restrictions of member economies in the midst of the pandemic.
They also reflected on the opportunities and costs of taking more ambitious action, while considering greater integration of risk financing into disaster budgets and a sustainable financing framework.
Member economies have also sought Deepening the role of digital technologies for fiscal policy and inclusive finance in the context of rapid growth on the digital front.
“We must continue to ride the wave of technology and expand its role in supporting areas such as payment and remittance services, as well as revenue collection for the government,” said Krisada, who is also permanent secretary of Thailand’s Ministry of Finance.
With Asia-Pacific being the largest contributor to global payments revenue, he urged member economies to seize the momentum and discussed how to ride this trend for the benefits of financial inclusion while addressing challenges in cross-border transactions.
This will greatly benefit not only the people of the region but also micro, small and medium-sized enterprises that enjoy transparency, openness and connectivity across the region, he said.
The results of the meeting will be presented at the APEC Senior Finance Officials Meeting scheduled for June this year.
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