The Minister of Finance, Acting Minister of Economy and Planning, Professor Muhammad Al-Jadaan, and Governor of the Saudi Central Bank, Dr. Fahd Al-Mubarak, participated in the second meeting of finance ministers and central bank governors of the G20 countries under the Italian presidency, which was held virtually yesterday, Wednesday, in the presence of finance ministers and central bank governors from the G20 countries. And the invited countries, in addition to the heads of international and regional organizations.
During the meeting, a number of key issues related to global economic developments were discussed, and the progress made in the proposed policies for the economic recovery phase from the Covid-19 pandemic was discussed, in addition to discussing ways to enhance international cooperation among the G20 countries to promote strong, sustainable and inclusive growth.
The topics discussed are a continuation of what the Kingdom has achieved during its presidency of the G20 in the year 2020, which included building on the G20 action plan to support the global economy in light of the Covid-19 pandemic, and the progress made in the initiative to suspend debt service payments for the G20 for the poorest countries and extend it until End of the year 2021, and the implementation of the Common Framework for Debt Resolution, in addition to ensuring equitable access to affordable COVID-19 tools, including access to vaccines.
The meeting also discussed options for strengthening support for low-income countries, including by strengthening global reserves through the issuance of special drawing rights. Other necessary avenues for linking emergency response to a more structured approach were discussed.
It is noteworthy that the Kingdom is a member of the tripartite committee (troika) of the G20, which is a three-member committee chaired by Italy – the current presidency of the G20 – the Kingdom of Saudi Arabia – the previous presidency – and Indonesia – the next presidency for the year 2022 – as this committee aims to ensure the work of the presidencies The G20 side by side to achieve consistency and continuity of the group’s agenda, and the Kingdom is keen to support the group’s efforts to achieve strong, balanced, sustainable and inclusive economic growth.