Saudi Gazette report

RIYADH — Under the G20 Saudi Presidency, the global policymakers, who are part of the Framework Working Group (FWG), met virtually on Monday (June 8) to advance actions needed to address the global challenge presented by the COVID-19 pandemic as part of the group's action plan.

The G20 Action Plan — Supporting the Global Economy through the COVID-19 Pandemic — was endorsed by the G20 finance ministers and central bank governors during their meeting on April 15, 2020.

The FWG also discussed the G20’s efforts to support global economic recovery as well as the menu of policy options for addressing the key 2020 G20 aim of enhancing access to opportunities for all.

International organizations and key stakeholders provided updates on global economic development and identified key emerging risks as well as possible policy responses to address them.

The FWG also analyzed the efficiency of G20 action plan policy measures implemented thus far in response to the COVID-19 pandemic. In anticipation of economic recovery post-COVID-19, FWG members also discussed pertinent exit strategies and policy on containment measures, levers and pace of business resumption in the coming months. This discussion will inform the G20’s efforts during the recovery phase.

During the meeting, Dr. Naif Alghaith, Saudi policy lead for the FWG, said: “The global economy has not experienced such an adverse shock in recent history. The Saudi G20 Presidency will spare no effort to continue spearheading swift and coordinated actions in response to the COVID-19 pandemic as well as to support the global economy during the recovery phase. To this end, the FWG is playing an important role in monitoring implementation of the G20 Action Plan and discussing measures to coordinate efforts during the recovery phase.”

The Saudi G20 Presidency’s theme of “Realizing Opportunities of the 21st Century for All” is gaining more importance as the recovery phase from the COVID-19 pandemic unfolds, and many will work on enhancing access to opportunities to ensure a sustainable and inclusive recovery. The FWG’s menu of policy options on enhancing access to opportunities is an important deliverable to support economic growth, with special consideration on opportunities for youth and women. The conclusions from the meeting will support finance ministers and central bank governors’ discussions at their next meeting in July.