Saudi Finance Minister Emphasises Support For G20 Roadmap At 4th FMCBG Meeting In Washington

Saudi Arabia's Minister of Finance, Mohammed Al-Jadaan, and the Governor of the Saudi Central Bank, Ayman Alsayari, recently attended the 4th Finance Ministers and Central Bank Governors (FMCBG) meeting. This event took place in Washington, D.C., on October 23-24 under the Brazilian G20 Presidency. The discussions focused on enhancing multilateral development banks and global economic cooperation.

During a session titled "Better, Bigger and More Effective Multilateral Development Banks (MDBs)", Al-Jadaan emphasised the need for MDBs to improve their operational efficiency and financial strength. He stated that these improvements are crucial to addressing the increasing demands of developing countries. Al-Jadaan reiterated Saudi Arabia's full support for the G20 Roadmap aimed at making MDBs more effective, a goal endorsed by FMCBG under Brazil's leadership.

Al-Jadaan also participated in a session called "The Global Economy: A Longer View – 25 years of the G20 Finance Track and the Continuing Imperative of Global Cooperation". He highlighted G20's significant influence in shaping global economic policies through collaboration. He noted that during Saudi Arabia's presidency in 2020, G20 effectively addressed the COVID-19 pandemic's health and economic challenges by implementing debt relief initiatives.

On the sidelines of the FMCBG meeting, Khalid Bawazier, Deputy Minister of Finance for International Affairs, engaged in a roundtable discussion titled "Exploring Financial Innovations for the Global Alliance Against Hunger and Poverty". Bawazier affirmed Saudi Arabia's dedication to achieving Sustainable Development Goals as part of Saudi Vision 2030. He also participated in a joint meeting involving finance, climate, environment ministers, central bank governors, and foreign affairs ministers.

Bawazier stressed Saudi Arabia’s commitment to reaching net-zero emissions by 2060. This goal aligns with its Circular Carbon Economy approach and is part of its broader development plans and efforts towards economic diversification. These initiatives reflect Saudi Arabia’s dedication to sustainable growth while addressing environmental concerns.

The discussions at these meetings underscore Saudi Arabia’s active role in international financial forums. By supporting global cooperation and sustainable development goals, Saudi Arabia aims to contribute positively to global economic stability and environmental sustainability.

With inputs from SPA