APEC economies eye efforts to support sustainable development

Financial officials and central bank deputies from APEC economies Thursday wrapped up a meeting focusing on efforts to support the transition to sustainable finance and economic growth.

Authorities around the world have diverted their priorities to saving people's lives and protecting livelihoods in the last two years, said Krisada Chinavicharana, chair of 2022 APEC Finance and Central Bank Deputies Meeting, adding that "as we navigate life with COVID-19, many of us have realized that sustainability is an integral part of the recovery, crucial in building a better future for our people."

At the two-day meeting held virtually, the participants learned about views and practices on policy instruments for supporting sustainable finance, as well as fiscal limitations and budget constraints of member economies amid the pandemic.

They also reflected on opportunities and costs of adopting more ambitious measures, while considering the further integration of disaster risk financing into budgets and a sustainable finance framework.

Member economies have also looked into deepening the role of digital technologies for fiscal policy and inclusive finance against the backdrop of the rapid growth on the digital front.

"We must continue to ride on the wave of technology and extend its role in supporting areas such as payment and remittance services, as well as revenue collection for government," said Krisada, who is also the permanent secretary of Thailand's Ministry of Finance.

Given that the Asia-Pacific is the largest contributor to global payments revenues, he urged member economies to seize the momentum and discussed how to follow this trend for the benefits of financial inclusiveness while addressing challenges in cross-border transactions.

This will greatly benefit not only people across the region but also micro, small and medium-sized enterprises enjoying transparency, openness and connectivity across the region, he said.

The outcomes of the meeting will be brought forward to APEC Senior Finance Officials' Meeting scheduled for June this year.