On April 20th, 2022, His Excellency, Saudi Minister of Finance, Mr. Mohammed Al-Jadaan and His Excellency, the Governor of the Saudi Central Bank (SAMA) Dr. Fahad Almubarak, participated in the 2nd G20 Finance Ministers and Central Bank Governors' (FMCBG) Meeting under the Indonesian Presidency. The meeting was held on the sidelines of the IMF and World Bank Spring Meetings, 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 discussions on key topics related to the important changes to the global economic outlook since their February meeting, including the economic and financial implications of the conflict in Ukraine. FMCBG also discussed mechanism for pandemic prevention, preparedness, and response, as well as the ongoing efforts to maximize the impact of the Special Drawing Rights (SDRs) channeling to support vulnerable nations.
During the meeting, H.E. the Finance Minister discussed downside risks to the global economic outlook, highlighting the importance of international cooperation to support global economic recovery and safeguard against downside risks. He highlighted that Saudi Arabia is continually supporting countries and people in need, including a recent “urgent medical and shelter aid" worth USD 10 million in support of Ukrainian refugees in neighboring countries.
On Sustainable Finance, H.E. the Governor of the Saudi Central Bank highlighted the importance of providing the needed flexibility for different national circumstances and priorities. He reiterated the need for building upon our previous efforts, particularly by utilizing the Circular Carbon Economy approach, which was endorsed at the Riyadh Summit during the G20 Saudi Presidency in 2020.
It is worth noting that the Republic of Indonesia assumed the presidency of the G20 on December 01, 2021, after the conclusion of the Leaders Summit in Rome. The priorities of the Indonesian Presidency include five pillars: Enabling environment and partnership, Promoting productivity, Ensuring sustainable and inclusive growth, Increasing resilience and stability, and stronger collective global leadership.