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 first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the Brazilian Presidency, held February 28-29, 2024 in Sao Paulo, Brazil.
The meeting included four sessions: The role of economic policies in addressing inequalities; Global perspectives on growth, jobs, inflation, and financial stability; International taxation for the 21st century; and Global debt and financing for sustainable development. Participants exchanged their views and discussed ways to enhance global cooperation in order to respond to the challenges facing the global economy.
During the meeting, Minister Aljadaan emphasized the importance of promoting fair trade practices in order to enhance economic opportunities for developing countries. He also highlighted the need to continue the implementation of the G20 Common Framework, coupled with the need for debtor countries to promote transparent debt management practices while also implementing necessary structural reforms.
Minister Aljadaan also said that addressing debt vulnerabilities in low-income countries cannot happen without multilateral cooperation from all stakeholders, including creditors, debtors, international financial institutions, and the private sector.
On the sidelines of the meeting, Minister Aljadaan conducted several bilateral meetings with G20 ministers to discuss way to enhance joint cooperation, as well as other topics related to the Kingdom's chairmanship of the International Monterey and Financial Committee (IMFC).