Minister of Finance Mohammed Al-Jadaan and Governor of the Saudi Central Bank Ayman Alsayari recently participated in the 4th Finance Ministers and Central Bank Governors meeting in Washington, D.C. During the meeting, one of the key topics discussed was the need for Multilateral Development Banks (MDBs) to enhance their operational effectiveness and financial capacity to meet the growing needs of developing nations. Al-Jadaan emphasized Saudi Arabia’s full support for the G20 Roadmap, aimed at making MDBs “better, bigger, and more effective.”
In another session, titled “The Global Economy: A Longer View,” Al-Jadaan highlighted the G20’s role in shaping the global economic landscape through collaboration. He noted the group’s achievements under the Saudi Presidency in 2020, including its response to the COVID-19 pandemic and adoption of debt relief initiatives. Deputy Minister of Finance for International Affairs Khalid Bawazier also participated in discussions on financial innovations for the global alliance against hunger and poverty, reaffirming Saudi Arabia’s commitment to achieving the Sustainable Development Goals.
Additionally, Bawazier participated in the G20 Joint Meeting of Finance, Climate & Environment, and Foreign Affairs Ministers and Central Banks Governors, where he emphasized Saudi Arabia’s commitment to achieving its net-zero emissions target by 2060 through the adoption of a Circular Carbon Economy. This aligns with the Kingdom’s Vision 2030 development plans and economic diversification efforts. The Kingdom is taking steps to reduce its carbon footprint and contribute to global efforts to combat climate change.
The FMCBG meeting provided a platform for Saudi Arabia to showcase its commitment to international cooperation and sustainable development. Al-Jadaan and Alsayari’s participation in various sessions underlined the Kingdom’s dedication to supporting MDBs, addressing global economic challenges, and achieving the goals set out in the G20 Roadmap. Saudi Arabia’s involvement in discussions on financial innovations, climate action, and environmental sustainability demonstrates its proactive approach to addressing pressing global issues.
Through its participation in international forums like the FMCBG meeting, Saudi Arabia continues to play a significant role in shaping global economic policies and promoting cooperation among nations. The Kingdom’s commitment to achieving the Sustainable Development Goals and transitioning to a Circular Carbon Economy reflects its determination to contribute positively to the global community. By aligning its development plans with global initiatives, Saudi Arabia is paving the way for a more sustainable and prosperous future for its citizens and the world at large.
Overall, Saudi Arabia’s participation in the FMCBG meeting in Washington, D.C., reaffirmed its commitment to international cooperation, economic development, and sustainable practices. The Kingdom’s engagement in discussions on MDBs, global economic challenges, and climate action showcases its proactive approach to addressing pressing issues and contributing to global efforts. Through collaboration with international partners, Saudi Arabia continues to demonstrate its leadership in promoting financial stability, environmental sustainability, and inclusive growth on a global scale.
