Riyadh: Saudi Minister of Finance and SAMA Governor Wrap Up Participation in G20 Meeting
The Saudi Minister of Finance and the governor of the Saudi Central Bank (SAMA) concluded their participation in the third G20 Finance Ministers and Central Bank Governors Meeting, which took place in Rio de Janeiro on Thursday and Friday.
Global Economic Outlook and Persistent Challenges
Mohammed Al-Jadaan and Ayman bin Mohammed Al-Sayari engaged in a discussion session titled “Global Economic Outlook and Persistent Challenges.” Al-Jadaan noted that while there has been a noticeable recovery in the global economy, it still falls short of desired levels. He emphasized the importance of long-term economic planning under Saudi Vision 2030 and stressed the need for multilateral cooperation to address global challenges.
International Tax Cooperation and Sustainable Development Goals
During discussions on “International Tax Cooperation,” Al-Jadaan expressed Saudi Arabia’s appreciation for efforts supporting the international tax cooperation agenda. In the session on “Facilitating Finance to Achieve Climate and Sustainable Development Goals,” he underscored the need for a coordinated global effort in sustainable finance. Al-Jadaan also highlighted the importance of allowing countries to implement approaches aligned with their national policies and procedures, including the use of carbon capture technologies.
Development Financing and Debt Challenges
In a session focused on development financing, participants deliberated on capital flows, global debt issues, and reforms of multilateral development banks. Al-Jadaan emphasized the significance of addressing debt challenges in low-income countries that are experiencing high debt distress. He reiterated Saudi Arabia’s support for initiatives aimed at enhancing the implementation of the Common Framework for Debt Treatment Initiative.