RIYADH: Saudi Arabia took part in the first G20 Finance Ministers and Central Bank Governors' meeting under India's G20 Presidency on Feb. 24-25.
Saudi Finance Minister Mohammed Al-Jadaan and Saudi Central Bank Governor Ayman Alsayari represented the Kingdom alongside ministers, governors, and organizational leaders from the G20 countries and invited nations in India's Bengaluru.
Taking place amid the most unpredictable global landscape in decades, the two-day meeting included three sessions to discuss repercussions, suggestions and collaborations for the global economy.
In the first session, the leaders examined international financial architecture, sustainable financing, and infrastructure.
It discussed how the leading countries can enable the strengthening of multilateral development banks to better tackle the common global challenges.
The Sustainable Development Goals remained at the heart of the conversation –for instance discussing the provision of debt treatment for heavily indebted countries.
The G20 meeting’s second session followed the theme of “Financial Sector and Financial Inclusion.”
It addressed the general financial impact of the progression of crypto assets in multiple forms, the threats they pose, and the way forward in the globally coordinated policy response.
In the third session, participants underlined matters regarding the global economy, health, and international taxation.
They expressed their views on the global economic outlook and risks, including the risk of rising global inflation and its consequential impact.
In total, India will hold more than 200 meetings across some 50 cities, involving ministers, officials and civil society.
The pinnacle of this will be the leadership summit in New Delhi in September, which will be attended by about 30 heads of state and governments, from both G20 members and invited countries, including Bangladesh, Egypt, Mauritius, the Netherlands, Nigeria, Oman, Singapore, Spain and the UAE. International organizations such as the UN, the World Health Organization, the World Bank and the International Monetary Fund are also going to be part of this summit.
