The Deputy Finance Minister for International Affairs, Dr. Ryadh Mohammed Alkhareif, participated in the first G20 Finance and Central Bank Deputies meeting held in Bengaluru, India during 13 - 14 of December 2022, in the presence of deputy ministers of finance and governors of central banks of the countries of the group, and representatives of international financial and development organizations.
The meeting focused on the priorities of the Indian presidency and the agenda of the financial track working groups. The meeting also witnessed a discussion of issues related to the global economy and the risks surrounding growth.
In his intervention, Dr. Alkhareif highlighted the need to focus on the current challenges facing the global economy, including the high inflation and the effect of rising interest rates significantly in a very short period of time, which will have a direct impact on debt sustainability and fiscal space, especially in low-income countries.
He emphasized the importance of strengthening the collaboration in implementing the G20 Common Framework, which has been launched under the Saudi G20 Presidency in 2020. This is given the challenges faced by most low-income countries with regard to financial sustainability.
On the margins of the G20 Finance and Central Bank Deputies meeting, Dr. Alkhareif participated in a high-level panel discussion titled "Strengthening Multilateral Development Banks (MDBs) to address shared global challenges of the 21st century ".
During the panel discussion, Dr. Alkhareif underscored the importance of promoting multilateralism, and to optimize the balance sheet of MDBs without necessarily injecting new capital. He explained the significant role of Kingdom of Saudi Arabia in advancing the development agenda regionally and globally.