HE the Minister of Finance, Mr. Mohammed Al-Jadaan took part in the business dinner for the G20 Finance Ministers on November 29, 2018, on the sidelines of the G-20 Summit hosted by Argentina, in Buenos Aires, from November 30 to December 1, 2018.
The meeting was split into two sessions. The first session focused on the developments in the global economy and the surrounding risks of volatility in the financial markets and the growing trade variances, the lessons learned over the last ten years since the Group's first summit in November 2008, and the cooperation needed to face future long-term challenges ahead of achieving sustainable and comprehensive growth.
The second session addressed the Finance track within the Group's work along with the activation of the Group's role by capitalizing the achievements, the mechanisms to reach consensus on controversial financial and economic issues and streamlining the G20 agenda.
HE Minister of Finance Mohamed Al-Jadaan, was the keynote speaker and opened the discussion. He thanked the Argentine Presidency for pushing forward the Group agenda as well as for its efforts to reach consensus on issues raised, despite the lapse of ten years since the outbreak of the global financial crisis. The Minister stressed the need for synergy and collaboration among the members of the Group to make it more efficient and to focus on an effective agenda reflecting the Group's role in addressing pressing global issues through:
- A focused agenda for each ministerial meeting with the minimum number of subjects through which practical results can be achieved.
- Interactive discussion at the level of Deputy ministers to develop the agenda and prepare for the Ministers and Governors meetings.
- Establish clear terms of reference for each working group and reduce the number of meetings.
The Minister of Finance pointed out the Kingdom's aspiration to join the Troika group, its cooperation and support for Japan during the coming year, and also supporting the Kingdom during its G-20 Group presidency in 2020
The Japanese Minister of Finance said that the Japanese presidency of the G-20 group in 2019 will focus on a number of topics. These include aging, climate change, technological progress and its impact on financial services, labor and equality. As well as strengthening the Group in light of the different economic environment since the first summit held by leaders in 2008, and strengthening the economic fundamentals of strong, sustainable and balanced economic growth. The agenda of the Finance track during the Japanese presidency will be based on three main axes:
1. Risks facing the global economy and global imbalances (such as investment and savings).
2. Growth prospects with focus on quality investment in infrastructure, and debt transparency.
3. Technology and its impact on social and structural changes.