On Tuesday, January 26, His Excellency the Minister of Finance and Acting Minister of Economy and Planning, Mr. Mohammed Aljadaan participated in a virtual panel discussion at the ongoing (January 25-29) World Economic Forum (Davos). The theme of the forum this year is: A Decisive Year to Rebuild Trust, in an effort to address the new global financial situation.
"Strengthening the Financial and Monetary System" was a key topic, discussed by the Panel that includes Yi Gang, Governor of the People's Bank of China; Ana Botín, the Executive Chairman of Santander Group; Thomas Buberl, CEO of AXA. The discussion was moderated by Roula Khalaf, Editor of the Financial Times. During the panel discussion, Aljadaan asserted that 2020 was a very difficult year for all nations, including Saudi Arabia, which had assumed the G20 presidency for 2020 and dealt with dual shocks of the pandemic and the oil crisis.
Aljadaan stated that the G20, while continuing with its original mandate, swiftly and collectively responded to the health and economic crises triggered by the pandemic, and held two G20 summits in the same year. It started with bridging the financing gap in the health arena by injecting in excess of $21bn. The G20 also led efforts to address short, medium and long-term impacts of sovereign debt issues to ensure sustainable recovery and address long-term financing needs. To provide poorest countries the fiscal space to address the crisis, the G20 launched the Debt Service Suspension Initiative (DSSI), for the first time, and adopted a new Common Framework to enable management of debt issues in countries most in need. He expressed optimism about 2021 and believes that the world is becoming more collaborative and multilateral.
The World Economic Forum is held annually, over a period of five days, in the city of Davos, Switzerland, with the objective to discuss global issues and issues of economy and development. The WEF is an event in which some of the world's most prominent figures such as presidents of countries and governments, ministers, ambassadors, and business magnates participate.