His Excellency the Saudi Minister of Finance, Mr. Mohammed Aljadaan, and His Excellency the Governor of the Saudi Central Bank (SAMA), Mr. Ayman Alsayari, concluded their participation in the 4th Finance Ministers and Central Bank Governors (FMCBG) meeting under the Brazilian G20 Presidency, held October 23-24, 2024 in Washington, D.C.
During the session entitled "Better, Bigger and More Effective Multilateral Development Banks (MDBs)", Minister Aljadaan said that MDBs must enhance their operational effectiveness and financial capacity to meet the growing needs of developing nations. He emphasized that Saudi Arabia fully supports the G20 Roadmap to make MDBs "Better, Bigger, and More Effective", which has been endorsed by FMCBG under the Brazilian G20 Presidency.
During the "The Global Economy: A Longer View – 25 years of the G20 Finance Track and the Continuing Imperative of Global Cooperation" session, Minister Aljadaan explained that the G20 has been instrumental in shaping the global economic landscape through collaboration. As an example of the G20's pivotal role, he highlighted what the G20 did under the Saudi Presidency in 2020, when it responded effectively to the unprecedented global health and economic crisis caused by the COVID-19 pandemic, including through the adoption of debt relief initiatives.
On the sidelines of the FMCBG meeting, the Saudi Deputy Minister of Finance for International Affairs, Mr. Khalid Bawazier, participated in the "Exploring Financial Innovations for the Global Alliance Against Hunger and Poverty" roundtable meeting. He noted that Saudi Arabia is committed to achieving the Sustainable Development Goals (SDGs), which are integral to Saudi Vision 2030.
In addition, Mr. Bawazier participated in the G20 Joint Meeting of Finance, Climate & Environment, and Foreign Affairs Ministers and Central Banks Governors. He emphasized Saudi Arabia's commitment to achieving net-zero targets by 2060 through the Circular Carbon Economy approach, in line with its development plans and economic diversification efforts.