Saudi Finance Minister: We continue to work to enhance the sustainability of recovery from the (Covid-19) pandemic, address funding gaps, and help countries in need

Beth: His Excellency the Minister of Finance of the Kingdom of Saudi Arabia, Mr. Mohammed bin Abdullah Al-Jadaan, explained that the recovery of economic activity is still very different between developing and developed countries. And that this disparity increases the risks to inclusive and sustainable growth, especially in light of the possibility of the spread of new mutated strains of (Covid-19), and the low rates of vaccination in poor countries.

In a press statement on the occasion of the G20 Summit held under the Italian presidency in Rome, which concludes today, Sunday, Rabi’ Al-Awwal 24, 1443 AH, corresponding to October 31, 2021 AD, Al-Jadaan stressed the need to use all available tools as long as necessary in order to address the negative effects of that pandemic, especially its effects. To those most affected, continue to sustain recovery, avoid premature cancellation of support measures, and support collaborative efforts, especially the COVID-19 Accessibility Accelerator Initiative and the Global Vaccine Access Program (COVAX). He also stressed the need to address financing gaps for all pillars of the accelerator initiative, and the importance of supporting sound corporate governance frameworks as well as effective capital markets to support economic recovery.

Regarding the Kingdom’s position regarding the countries most in need and affected by the pandemic, His Excellency added: “The Kingdom welcomed the general distribution of Special Drawing Rights implemented by the International Monetary Fund in August of this year, which provided the equivalent of $650 billion in additional reserves at the global level. The world, and the Kingdom also welcomed the progress made within (the initiative to suspend debt service payments for the Group of Twenty), which benefited 50 countries, with a total suspended amount estimated at about 12.7 billion US dollars, which comes as a continuation of Saudi efforts during its presidency of the group last year.

With regard to climate challenges, His Excellency explained that the G20 agreed to coordinate efforts related to climate change and environmental protection, with the importance of having a mix of policies most appropriate for the transition to economies with low greenhouse gas emissions, and taking into account the circumstances of each country. He also noted that the Kingdom’s financial sector is robust and able to meet this global challenge, while continuing to empower the financial sector with the tools needed to expand sustainable financing and investment capabilities, especially those related to the circular carbon economy.

He concluded his statement that the Kingdom of Saudi Arabia continued to move forward during the Italian presidency of the Group of Twenty as an active member of the group, and the only Arab country in it to coordinate financial and monetary policies in the most important global economies, address the challenges facing the global economy, and enhance international cooperation in various fields.

It should be noted that the summit, which kicked off on Saturday in the Italian capital, considers “people, planet and prosperity” as the main pillars of Italy’s presidency of the group, which is the main forum for international economic cooperation, and it includes leaders from all continents representing developed and developing countries. Collectively, the member states of the group represent about 80% of the world’s economic output, two-thirds of the world’s population, and three-quarters of the volume of world trade. Representatives of the group’s countries meet to discuss financial, social, economic and financial issues.