His Excellency the Saudi Minister of Finance, Mr. Mohammed Aljadaan, headed the Saudi delegation at the 3rd Finance Ministers and Central Bank Governors (FMCBG) meeting under South Africa's G20 Presidency, held July 17-18, 2024 in KwaZulu Natal, South Africa. The meeting included finance ministers and central bank governors from G20 countries, along with several representatives of invited countries as well as heads of international and regional financial organizations.

The Saudi delegation included His Excellency the Governor of the Saudi Central Bank (SAMA), Mr. Ayman Al-Sayari, and other senior officials from the Saudi Ministry of Finance and SAMA.

During his participation, Minister Aljadaan stressed the need to accelerate reforms of the international trading system, emphasizing that long-standing issues now require urgent action. "It is important that we move forward with reforms that reflect today's evolving realities," Minister Aljadaan said. “Fiscal space is narrowing while financing needs are expanding. This is increasing borrowing costs and straining both governments and the private sector.

Minister Aljadaan also welcomed the G20 note on lessons learned from Common Framework cases and the accompanying document on debt resolution steps, citing their importance in enhancing transparency and predictability. Also, he emphasized the need to remain attentive to countries facing short-term liquidity pressures and to extend timely support where needed.

On the sidelines of the meetings, Minister Aljadaan also met with several finance ministers and heads of global companies to discuss global economic developments and other issues of mutual interest.

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