His Excellency, Minister of Finance, Mr. Mohammed Al-Jadaan and His Excellency, the Governor of the Saudi Central Bank (SAMA) Dr. Fahad Al-Mubarak, participated in the 4th and last G20 Finance Ministers and Central Bank Governors' (FMCBG) Meeting under the Italian Presidency. The meeting was held in Washington D.C. on Wednesday 13 October 2021, during 2021 Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF).
The meeting was attended by Finance Ministers and Central Bank Governors from G20 countries, along with a number of delegates from invited countries and heads of international and regional organizations.
The meeting fostered discussions on a number of key issues related to the developments of the global economy including issues related to International Taxation, promoting investment in infrastructure, International Financial Architecture enhancement, Policies to support the Green Transition, Policies for the Recovery, in addition to Financial Sector related issues and the progress made in implementing the G20 Roadmap for Enhancing Cross-border Payments. The meeting was concluded by endorsement of the Communiqué by G20 Finance Ministers and Central Bank Governors.
In the Communiqué, G20 members endorsed the final political agreement as set out in the Statement on a two-pillar solution to address the tax challenges released by the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) on 8 October. This agreement will establish a more stable and fairer international tax system. It also followed up on the new SDR general allocation of an amount equivalent to $650 Bn that went into effect in August 2021 and discussed the options provided by the International Monetary Fund (IMF) to channel the shares of the allocated SDRs to help the most vulnerable countries.
The members also welcomed the recent progress on the Common Framework for debt treatment beyond the DSSI, which was endorsed under the G20 Saudi Presidency for the year 2020, and committed to step up the efforts to implementing it in a timely, orderly and coordinated manner. The members also welcomed the establishment of the Creditors Committee of the Federal Democratic Republic of Ethiopia, of which the Kingdom of Saudi Arabia is a member, within the Common Framework for Debt Treatments beyond the DSSI. The G20 members also expressed their commitment to the ongoing efforts under the Common Framework and urged in particular Chad’s private creditors to act swiftly and commit to facilitate the process of implementing the Framework.
This is the last meeting of Finance Ministers and Central Bank Governors under the Italian Presidency. Finance Ministers will meet once again with Health Minister on 29 October prior to the Leaders’ Summit in Rome. Saudi Arabia will continue to play a leading and constructive role during the G20 discussions in the same spirit of cooperation and solidarity to support the return to a strong, sustainable, balanced and inclusive growth.
It is worth noting that the Kingdom is a member of the G20 Troika which represents sound partnerships between the Kingdom of Saudi Araba (the previous G20 Presidency) Italy (as the current G20 President) and Indonesia (as the next G20 President) and looks forward to strengthening the collaboration during the Indonesian Presidency in 2022 under their recently announced theme: "Recover Together, Recover Stronger", which reflects the spirit of collective recovery with the world.