Minister of Finance, Mohammed Al-Jadaan, and the Governor of Saudi Central Bank (SAMA), Ayman Al-Sayyari, recently participated in the third meeting of Finance Ministers and Central Bank Governors of the G20 under the Brazilian Presidency. The meeting took place on July 25-26, 2024, in Rio de Janeiro, Brazil. During the session on Global Economic Prospects and Ongoing Challenges, Al-Jadaan highlighted the global economy’s significant recovery, although it remains below the desired levels. He emphasized the long-term economic planning benefits enjoyed by Saudi Arabia under Vision 2030 and stressed the importance of multilateral cooperation in tackling global challenges.
In the session on International Tax Cooperation, Al-Jadaan expressed Saudi Arabia’s appreciation for the efforts supporting the international tax cooperation agenda. Addressing the session on Accessing Financing to Achieve Climate and Sustainable Development Goals, Al-Jadaan emphasized that sustainable financing requires coordinated action, considering the aspirations of developing countries for economic progress. He highlighted the importance of allowing countries to implement approaches consistent with their national policies and procedures, including solutions such as carbon capture technologies.
During the Development Financing session, participants discussed capital flows, global debt, and the reform of multilateral development banks. Al-Jadaan stressed the importance of addressing debt in low-income countries facing high debt distress and reaffirmed Saudi Arabia’s support for the Common Framework Initiative for Debt Treatment. This initiative aims to address the challenges posed by debt to financial sustainability and macroeconomic stability.
On the sidelines of the meeting, Al-Jadaan held several bilateral meetings with G20 ministers to discuss ways to enhance cooperation and issues related to Saudi Arabia’s chairmanship of the International Monetary and Financial Committee of the International Monetary Fund. The discussions focused on enhancing cooperation to address global economic challenges and promote sustainable development goals. Al-Jadaan emphasized the importance of fostering multilateralism and collaboration to ensure economic stability and growth in the face of ongoing challenges.
In conclusion, the participation of Minister of Finance, Mohammed Al-Jadaan, and the Governor of Saudi Central Bank (SAMA), Ayman Al-Sayyari, in the third meeting of Finance Ministers and Central Bank Governors of the G20 under the Brazilian Presidency highlighted Saudi Arabia’s commitment to global economic cooperation and sustainable development. The discussions surrounding global economic prospects, international tax cooperation, and accessing financing for climate and sustainable development goals underscored the importance of coordinated action and multilateralism in addressing global challenges. Saudi Arabia’s support for initiatives to address debt distress in low-income countries and enhance development financing reflects its dedication to promoting financial sustainability and macroeconomic stability on a global scale. Through bilateral meetings and discussions, Saudi Arabia continues to work towards enhancing cooperation and fostering economic growth and stability for the benefit of all nations.
