KUALA LUMPUR: Deputy Finance minister Datuk Lee Chee Leong is set to lead the Malaysian delegation for the APEC Finance Ministers’ Meetings (APEC FMM) tomorrow where he will be discussing areas pertaining to current issues affecting the global economy, international financial system and financial outlook that economies are facing and the appropriate policy responses needed.
The meeting, which will take place from 20 to 21 in Vietnam will also hold discussions on the use of policy tools, whether it be monetary, fiscal and structural, through individual or collective actions to achieve strong, sustainable, balanced and inclusive growth.
Lee is also scheduled to participate in the APEC Finance Ministers’ Retreat which will discuss on the topic of Fiscal Consolidation and Public Debt Sustainability.
In the retreat, Finance Ministers from all APEC economies and Heads of Delegation will be invited to exchange their experience in fiscal consolidation policies and public debt sustainability, as a stable fiscal policy is one of the key factors for sustainable economic growth.
The discussion will also highlight on the importance of effective fiscal consolidation as such measures would help economies gain fiscal balance in the long term, thus contributing to public debt sustainability.
In line with promoting cooperation and knowledge sharing on financial and economic development in the region, consistent with the 2017 APEC theme on “Creating New Dynamism, Fostering Shared Future”, four priorities under the Finance Ministers’ Process 2017 will be discussed namely Long-Term Investment in Infrastructure, Base Erosion and Profit Shifting (BEPS), Disaster Risk Financing and Insurance, and Financial Inclusion.
Under the Long-Term Investment in Infrastructure priority, Finance Ministers will discuss policies to promote long-term investment in infrastructure and are invited to share their experience on challenges faced in public-private partnership (PPP) projects including risk allocation.
Under the BEPS priority, discussions will be concentrated on the progress within APEC on the BEPS Action Plan implementation.
Under the Disaster Risk Financing and Insurance priority, Finance Ministers will discuss on policy recommendations and experience on disaster risk financing and insurance while the Financial Inclusion priority will discuss on the outcomes of APEC cooperation in financial inclusion.
Besides these priorities, Finance Ministers will also review the implementation of the Cebu Action Plan.
Apart from this, the Lee is is scheduled to attend the APEC Business Advisory Council (ABAC) Executive Dialogue with APEC Finance Ministers where the latter will discuss with ABAC and private sector representatives on issues relating to infrastructure and financial technology (fintech), as well as proposing recommendations for further contributions from the private sector to the APEC Finance Ministers’ Process.