His Excellency the Saudi Minister of Finance, Mr. Mohammed Aljadaan, and His Excellency the Governor of the Saudi Central Bank (SAMA), Mr. Ayman Al-Sayari, concluded their participation in the 3rd Finance Ministers and Central Bank Governors meeting under the Brazilian G20 Presidency, held July 25-26, 2024 in Rio de Janeiro, Brazil.
During the Global Economic Outlook and Ongoing Challenges session, Minister Aljadaan said that despite the signs of global economy recovery, economic growth levels are still below desired outcomes. He highlighted the merits of long-term planning to prepare for economic fluctuations, which is the foundation of Saudi Vision 2030. He also emphasized that multilateral cooperation is a pivotal element in addressing global challenges.
During the International Taxation Cooperation session, Minister Aljadaan conveyed the Kingdom's appreciation for the efforts made to support the international tax cooperation agenda. He also explained during the Unlocking Finance towards Climate Goals and Sustainable Development session that sustainable financing requires coordinated efforts and considerations for developing nations' ambitions to grow, including the deployment of abatement technologies. He also emphasized the importance of allowing countries to implement tailored approaches that align with their relevant national policies and procedures, and for the solutions proposed to include carbon capture technologies.
Finally, in the session entitled Financing Development, the participants discussed Capital Flows, Global Debt and Multilateral Development Bank (MDB) reforms. Minister Aljadaan noted the importance of addressing rising debt vulnerabilities in high debt distressed low-income nations. He highlighted that Saudi Arabia continues to support efforts to enhance the implementation of the Common Framework for Debt Treatment in order to tackle the challenges that debt vulnerabilities impose on both fiscal sustainability and macroeconomic stability.
On the sidelines of the meeting, Minister Aljadaan conducted several bilateral meetings with G20 ministers to discuss ways to enhance joint cooperation, as well as other topics related to the Kingdom's chairmanship of the International Monetary and Financial Committee (IMFC) at the International Monetary Fund.