Al-Jadaan and Al-Mubarak participate in the meeting of the finance ministers and central bank governors of the twenty countries


His Excellency the Minister of Finance, Mr. Muhammad bin Abdullah Al-Jadaan, and His Excellency the Governor of the Saudi Central Bank, Dr. Fahd bin Abdullah Al-Mubarak, participated in the fourth and final meeting of the finance ministers and central bank governors of the Group of Twenty under the Italian presidency, which was held in Washington, USA, on Wednesday, October 13, 2021 AD during The annual meetings of the International Monetary Fund and the World Bank.

The meeting was held with the participation of the finance ministers and central bank governors of the Group of Twenty countries, a number of representatives of the invited countries and heads of international and regional organizations, where they discussed many major issues related to the developments of the global economy, including issues related to international taxes, policies to support the transition to a green economy, and the promotion of investment in Infrastructure, as well as issues related to the financial sector and specifically the progress made in implementing the G20 Roadmap to Promote Cross-Border Payments.

The meeting concluded with the approval of the finance ministers and central bank governors of the Group of Twenty on the final statement, specifically on the final and effective allocation of the international minimum tax, in order to create a more stable and fair international tax structure.

Member states also followed up on the new general allocation of Special Drawing Rights in an amount equivalent to 650 billion US dollars, which entered into force in August 2021, and discussed options presented by the International Monetary Fund to channel SDRs earmarked to assist the most vulnerable countries.

The members of the group also welcomed the progress made on the joint framework for debt treatment beyond the scope of the initiative to suspend debt service payments, which was endorsed under the presidency of the Kingdom of Saudi Arabia for the G20 for the year 2020 and expressed their commitment to intensify efforts to implement it in an orderly, coordinated and timely manner.

The members also welcomed the establishment of the Creditors Committee of the Republic of Ethiopia, of which Saudi Arabia is a member, within the joint framework for debt treatment beyond the scope of the Debt Service Payments Suspension Initiative.

Members also expressed their commitment to the ongoing efforts within the Common Action Framework, while urging Chad’s private creditors in particular to act quickly and commit to facilitating the implementation of the Framework.

This is the last meeting of finance ministers and central bank governors under the Italian presidency, and the finance ministers are scheduled to meet again with the health ministers of the Group of Twenty countries on October 29, prior to the leaders’ summit in Rome.

The Kingdom of Saudi Arabia will continue to support the work of the G20 to promote strong, sustainable, balanced and inclusive growth.

It is noteworthy that the Kingdom is a member of the Tripartite Committee (troika) of the Group of Twenty, which represents an effective partnership between the Kingdom (in its capacity as the head of the group last year), the Italian presidency (in its capacity as the current chair of the G20) and Indonesia (in its capacity as the next president of the G20).

The Kingdom looks forward to strengthening cooperation during the coming period with the Indonesian presidency in 2022 under its recently announced slogan “We recover together, we recover stronger”, which reflects the spirit of collective action towards global economic recovery.

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