Saudi Gazette report

WASHINGTON — Minister of Finance Mohammed Al-Jadaan and Governor of the Saudi Central Bank Ayman Alsayari concluded their participation in the 4th Finance Ministers and Central Bank Governors (FMCBG) meeting held in Washington, D.C., under the Brazilian G20 Presidency on October 23-24.

During the session titled "Better, Bigger and More Effective Multilateral Development Banks (MDBs)," Al-Jadaan emphasized that MDBs must enhance their operational effectiveness and financial capacity to meet the growing needs of developing nations.

He reaffirmed Saudi Arabia's full support for the G20 Roadmap, which aims to make MDBs "better, bigger, and more effective," a goal endorsed by FMCBG under the Brazilian G20 Presidency.

In another session, "The Global Economy: A Longer View – 25 Years of the G20 Finance Track and the Continuing Imperative of Global Cooperation," Al-Jadaan noted the G20's instrumental role in shaping the global economic landscape through collaboration.

He highlighted the group's achievements under the Saudi Presidency in 2020, particularly its effective response to the unprecedented global health and economic crisis caused by the COVID-19 pandemic, including the adoption of debt relief initiatives.

On the sidelines of the FMCBG meeting, Deputy Minister of Finance for International Affairs Khalid Bawazier participated in the roundtable meeting "Exploring Financial Innovations for the Global Alliance Against Hunger and Poverty." He reiterated Saudi Arabia's commitment to achieving the Sustainable Development Goals, which are integral to the Kingdom's Vision 2030.

Bawazier also took part in the G20 Joint Meeting of Finance, Climate & Environment, and Foreign Affairs Ministers and Central Banks Governors, where he emphasized Saudi Arabia's commitment to achieving its net-zero emissions target by 2060 through the adoption of a Circular Carbon Economy, aligning with its development plans and economic diversification efforts.