Saudi Minister of Finance: “It is imperative to take account of the medium and long-term consequences of the pandemic on fiscal sustainability and financial stability"
His Excellency, Saudi Minister of Finance, Mr. Mohammed Al-Jadaan and His Excellency, the Governor of the Saudi Central Bank (SAMA) Dr. Fahad Almubarak, participated virtually in the 1st G20 Finance Ministers and Central Bank Governors' (FMCBG) Meeting under the Indonesian Presidency. The meeting was held on 17-18 February, 2022, with the participation of G20 Finance Ministers and Central Bank Governors, a number of delegates from invited countries and heads of international and regional organizations.
The meeting fostered discussions on global economic prospects, and joint action was coordinated towards achieving robust, sustainable and inclusive growth in line with the Indonesian Presidency agenda under their theme: "Recover Together, Recover Stronger", which reflects the spirit of collective recovery with the world. In its capacity as a G20 member, the Kingdom participated in drafting the final Communiqué prior to the FMCBG meeting with member states, and remains committed to support the G20's efforts to achieve strong, sustainable, balanced and inclusive economic growth.
As a lead discussant of the Infrastructure Investment Session, Aljadaan highlighted that the investors' dialogue established under the Saudi G20 Presidency and continued by the Italian G20 Presidency helps identify sustainable solutions. He stated that Sustainable Infrastructure and Infrastructure Technology are topics of importance and relevance to climate change and adaptation. Therefore, we need to ensure we can meet investors' expectations and fully realize the synergies between public and private stakeholders to promote sustainable investment.
On the Global Economy and Health Session, Aljadaan emphasized that it is imperative to take account of the medium and long-term consequences of the pandemic on fiscal sustainability and financial stability. He also flagged the importance of considering the key factors behind rising commodity and food prices globally, including the supply chain disruptions, the increase of shipping costs and the unintended consequences of policy actions taken in the context of climate change.
On the sidelines of the meetings, the Saudi Ministry of Finance Delegation held bilateral meetings with a number of G20 member states headed by H.E. the Assistant Minister for Macro-Fiscal Policies and International Relations Mr. Abdulaziz AlRasheed to discuss the most pressing global economic issues and topics of common interest.
It is worth noting that the Republic of Indonesia assumed the presidency of the G20 on December 01, 2021 after the conclusion of the Leaders Summit in Rome. The priorities of the Indonesian Presidency include five pillars: Enabling environment and partnership, Promoting productivity, Ensuring sustainable and inclusive growth, Increasing resilience and stability, and Stronger collective global leadership.