His Excellency, Minister of Finance, Mr. Mohammed Al-Jadaan and His Excellency, the Governor of the Saudi Central Bank (SAMA) Dr. Fahad Al-Mubarak, participated in the 3rd G20 Finance Ministers and Central Bank Governors' (FMCBG) Meeting under the Italian Presidency. The meeting was held in Venice on 9-10 July, 2021, with the participation of G20 Finance Ministers and Central Bank Governors, a number of delegates from invited countries and heads of international and regional organizations.
The meeting fostered in-depth discussions on global economy issues and coordination of joint action towards achieving robust, sustainable and inclusive growth. The meeting stressed that G20 remains committed to working on issues covering the global economy, and in its efforts to push forward the economic recovery. It also discussed the International Financial Architecture to the support of the most vulnerable countries, advancements in international taxation matters and financial sector related issues.
The meeting concluded with a joint Communiqué by the G20 Finance Ministers and Central Bank Governors where they reaffirmed their determination to exploit all available financial policy tools to address the negative consequences of the Covid-19 pandemic, whenever the need arises. The members of the group also expressed their commitment to work together with international financial organizations and other relevant partners, especially the World Health Organization, in preparing proposals on sustainable financing to strengthen the response to any future pandemics, as well as improving international governance and cooperation between global financial and health policy makers. The Ministers and Governors also endorsed the global minimum tax.
The members also welcomed the establishment of the Creditors Committee of the Republic of Chad, which is chaired by the Kingdom of Saudi Arabia and the Republic of France, within The Common Framework for debt treatments beyond the DSSI, which was endorsed under the G20 Saudi Presidency for the year 2020.
The meeting comes as an extension of the results of 2nd G20 FMCBG Meeting, which was held remotely on April 7, 2021. This meeting also discussed a number of key issues related to the developments of the global economy and the continuation of efforts led by the Kingdom of Saudi Arabia during its G20 presidency in 2020. These efforts included building on the G20 action plan to support the global economy in light of the Covid-19 pandemic, the progress made in the G20 Debt Service Suspension Initiative (DSSI) for the poorest countries and extending it to the end of 2021, implementation of the Common Framework for Debt Treatments, in addition to ensuring fair access to COVID-19 Tools including vaccines at affordable prices.
The Kingdom is a member of the G20 Troika Committee, a three-member committee headed by Italy (the current president of G20), the Kingdom (the former president), and Indonesia (the next president for 2022). Troika Committee aims to ensure that the G20 presidencies work together to achieve consistency and continuity of G20's agenda. The Kingdom is keen to support G20 efforts to achieve strong, balanced, sustainable and inclusive economic growth.