Saudi Arabia’s Minister of Finance and Acting Minister of Economy and Planning, Mohammed Al-Jadaan, and Governor of the Central Bank, Dr. Fahd Al-Mubarak participated virtually in the second G20 Finance Ministers and Central Bank Governors’ (FMCBG) meeting under the Italian Presidency. The meeting brought together Finance Ministers and Central Bank Governors from G20 countries and invited countries, as well as heads of international and regional organizations.
The meeting fostered in-depth discussions on the global economic development, the progress made on proposed policy responses for the economic recovery phase in light of the unprecedented COVID-19 pandemic, and ways to strengthen international cooperation between G20 countries for the return to a strong, sustainable, balanced and inclusive growth.
Several topics that were discussed are a continuation of what the Kingdom of Saudi Arabia has achieved under its presidency in 2020, including the G20 Debt Service Suspension Initiative (DSSI), which was extended until end of 2021, and the implementation of the Common Framework for Debt Treatments beyond the DSSI. In addition, Ministers and Governors discussed the updates to the G20 Action Plan, and they underscored the need to ensure fair access to necessary medical treatments, services and supplies, including vaccines at affordable prices for the low- and middle-income countries.
The meeting discussed options that can be used to support the most vulnerable countries, including through a new general SDRs allocation and exploring further necessary steps to bridge the emergency response with a more structural approach.
In addition to being a member of the G20, the Kingdom is also a member of the G20 Troika, a three-member country committee chaired by Italy, the current Presidency, Saudi Arabia, the previous Presidency, and Indonesia, the future Presidency in 2022 to ensure that G20 presidencies work hand-in-hand to achieve consistency and continuity of the group’s agenda.
Saudi Arabia will continue to play a leading and constructive role in the G20 and remains committed to continue working in the same spirit of cooperation and solidarity with the Italian presidency to contain the pandemic in all parts of the world and support the global economy for a strong, sustainable and inclusive recovery.