Saudi Gazette report

WASHINGTON — Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan highlighted the importance of international cooperation to support global economic recovery and safeguard against downside risks.

He said Saudi Arabia was continually supporting countries and people in need, and cited a recent urgent medical and shelter aid worth $10 million in support of Ukrainian refugees stranded in the neighboring countries.

Al-Jadaan, who leads Saudi Arabia’s delegation participating in the spring meetings of the International Monetary Fund (IMF) and the World Bank (WB), made the remarks while addressing the 2nd G20 Finance Ministers and Central Bank Governors’ (FMCBG) meeting on Wednesday. During the meeting held under the Indonesian Presidency, Al-Jadaan discussed downside risks to the global economic outlook.

In his speech, focusing on “Sustainable Finance”, Governor of the Saudi Central Bank (SAMA) Dr. Fahad Almubarak highlighted the importance of providing the needed flexibility for different national circumstances and priorities. He reiterated the need for building upon previous efforts, particularly by utilizing the Circular Carbon Economy approach, which was endorsed at the Riyadh Summit during the G20 Saudi Presidency in 2020.

The FMCBG meeting was held on the sidelines of the IMF and World Bank Spring Meetings, which started on April 19 and will conclude on April 24. The G20 finance ministers and central bank governors as well as delegates from invited countries and heads of international and regional organizations are participating in the meetings.

The FMCBG 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. The meeting also discussed the mechanism for pandemic prevention, preparedness and response, as well as the ongoing efforts to maximize the impact of the Special Drawing Rights (SDRs) channeled to support vulnerable nations.

Indonesia assumed the presidency of the G20 on December 1, 2021, at the conclusion of the Leaders’ Summit in Rome. The priorities of the Indonesian Presidency include five pillars such as enabling environment and partnership; promoting productivity; ensuring sustainable and inclusive growth; increasing resilience and stability; and stronger collective global leadership.

The Saudi delegation attending the conference also included Acting Chief Executive Officer of Saudi Fund for Development Sultan Al-Murshed and a number of specialists from the Ministry of Finance, SAMA and SFD.