G20 Meetings Seek Solutions to Boost Economic Growth

The Saudi capital, Riyadh, hosts a two-day meeting of G20 finance ministers and central banks on February 22, 2020. (EPA)

G20 Finance Ministers and Central Bank Governors meetings hold in Saudi Arabia’s capital on Saturday and Sunday. They seek to enhance economic growth through financial mechanisms.

The talks will be chaired by the Kingdom’s Finance Minister Mohammed al-Jadaan and central bank governor Ahmed al-Kholifey.

The world’s economic situation

For his part, Kholifey said the meetings will discuss the world’s economic situation. Besides, mechanisms for facing global monetary, financial and economic challenges.

He said the Kingdom looks forward to more cooperation with G20 member states and participating parties. This is to achieve the common target of promoting strong, sustainable and balanced economic growth. Besides, making a tangible positive impact in the long run.

The shift to the accrual basis is a national and strategic project, said Finance Ministry official Abdulaziz al-Freih.

Freih affirmed the support provided by the government for the project implementation, noting that it has issued a royal decree to shift all financial departments to this new accounting system.

The official also highlighted the ability of all government agencies to switch to accounting on an accrual basis and to complete the initiative.

He said the Ministry is aware of the size of the challenges related to preparing the human element, managing technical financial systems, controlling and evaluating the assets.

He stressed the need for transformation per the accounting standards of the public sector, to enhance the quality of accounts and know the obligations accurately for proper planning.

They considered the experiences of countries that preceded the Kingdom in the transformation during the first stages of the project, as well as the recommendations of international organizations.

The project is state-owned and not limited to the finance ministry, Freih explained. He also pointing out that the human cadres represent the main element for its success.

A training program helped to empower these cadres through the virtualization and e-training platforms.

Transformation empowerment tools

Meanwhile, Deputy Minister for Accounts in the Finance Ministry said the ministry is keen to provide transformation empowerment tools. It will also test them in the experimental application to make sure the actual application of these outputs is appropriate.

He also stressed the role of government agencies as partners in the transformation process. He also added that they helped the ministry reach the stage of identifying and describing and proposed possible solutions.