Al-Jadaan: It is important to join international efforts once again so that the world can overcome the growing challenges


On Wednesday, April 20, 2022 AD, the Minister of Finance, Mr. Muhammad bin Abdullah Al-Jadaan, and the Governor of the Saudi Central Bank, Dr. Fahd bin Abdullah Al-Mubarak, participated in the second meeting of finance ministers and central bank governors of the Group of Twenty under the Indonesian presidency, which was held in the American capital, Washington, on the sidelines of the Spring Meetings of the Fund The International Monetary and Bank, which was held in the presence of finance ministers and central bank governors from the countries of the group, a number of representatives of the invited countries and heads of international and regional organizations.

The meeting discussed the most important issues related to the significant changes in the global economic outlook since the last February meeting, including the economic and financial implications of the crisis in Ukraine. The meeting also discussed the mechanism of epidemic prevention, preparedness and response, as well as ongoing efforts to maximize the impact of the SDR Directive.

In his speech during the meeting, His Excellency the Minister of Finance discussed the prospects for the global economy, noting the importance of international cooperation to support global economic recovery and prevent negative repercussions, reviewing the Kingdom’s continuous efforts to support people and countries in need, including its recent provision of urgent support worth $10 million. for Ukrainian refugees in neighboring countries.

With regard to sustainable financing, His Excellency the Governor of the Central Bank of Saudi Arabia pointed to the importance of providing the necessary flexibility to different national circumstances and priorities, stressing the need to build on previous efforts, especially through the use of the circular carbon economy approach, which was adopted at the Riyadh Summit during the Kingdom’s presidency of the G20 held in the year 2020.

It is noteworthy that the Republic of Indonesia assumed the presidency of the Group of Twenty on December 01, 2021 AD after the conclusion of the Leaders Summit of the Group of Twenty in Rome under the Italian presidency. The priorities of the Indonesian presidency for the year 2022 AD included five pillars: an enabling environment and partnerships between stakeholders, enhancing productivity, ensuring sustainable and inclusive growth, increasing resilience and stability, in addition to forming a strong collective global leadership.

On April 20th, 2022, His Excellency, Saudi Minister of Finance, Mr. Mohammed Al-Jadaan and His Excellency, the Governor of the Saudi Central Bank (SAMA) Dr. Fahad Almubarak, participated in the 2nd G20 Finance Ministers and Central Bank Governors’ (FMCBG) Meeting under the Indonesian Presidency. The meeting was held on the sides of the IMF and World Bank Spring Meetings, with the participation of G20 Finance Ministers and Central Bank Governors, a number of delegates from invited countries and heads of international and regional organizations.

The meeting fostered discussions on key topics related to the important changes to the global economic outlook since their February meeting, including the economic and financial implications of the conflict in Ukraine. FMCBG also discussed mechanism for pandemic prevention, preparedness, and response, as well as the ongoing efforts to maximize the impact of the Special Drawing Rights (SDRs) channeling to support vulnerable nations.

During the meeting, HE the Finance Minister discussed downside risks to the global economic outlook, highlighting the importance of international cooperation to support global economic recovery and safeguard against downside risks. He highlighted that Saudi Arabia is continually supporting countries and people in need, including a recent “urgent medical and shelter aid” worth USD 10 million in support of Ukrainian refugees in countries.

On Sustainable Finance, HE the Governor of the Saudi Central Bank highlighted the importance of providing the needed flexibility for different national circumstances and priorities. He reiterated the need for building upon our previous efforts, particularly by utilizing the Circular Carbon Economy approach, which was endorsed at the Riyadh Summit during the G20 Saudi Presidency in 2020.

It is worth noting that the Republic of Indonesia assumed the presidency of the G20 on December 01, 2021, after the conclusion of the Leaders Summit in Rome. The priorities of the Indonesian Presidency include five pillars: Enabling environment and partnership, Promoting productivity, Ensuring sustainable and inclusive growth, Increasing resilience and stability, and stronger collective global leadership.

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