The APEC Senior Finance Officials Meeting (SFOM ) (Photo: VNA)
Ninh Binh (VNA) - The APEC Senior FinanceOfficials Meeting (SFOM) concluded in the northern province of Ninh Binh on May19 after two working days.
In his closing speech, Vu Nhu Thang, Directorof the International Cooperation Department under the Ministry of Finance, who doublesas SFOM 2017 Chair, noted the event’s important outcomes, requestingofficials to continune discussions to prepare the reportfor the upcoming APEC Finance Ministers’ Meeting to be held in October.
During the course of the meeting, seniorofficials discussed policies to promote long-term investment in infrastructure,and risk allocation mechanisms in public-private partnership (PPP) projects inparticular.
They also discussed regulations and best practicesin the APEC region in coping with base erosion and profit shifting, especiallyby multinational corporations which often lead to losses in taxes in relatedeconomies.
Also on the agenda were policy recommendations ondisaster risk management, especially on practical experience in formulation ofpolicy responses in the areas of fiscal contingencies, standby credit schemes,stabilisation funds as well as improvement in disaster forecasting andmethodology for disaster risk budgeting.
Delegates from 21 APEC member economies also notedthe challenges in financial access in rural and agricultural development anddiscussed orientations for improving financial access in rural areas to supportpoverty reduction.
The meeting received valuable support from internationalorganisations, such as the World Bank (WB), the Asia Development Bank (ADB) andthe Organisation for Economic and Cooperation Development (OECD).-VNA
