عربي English Türkçe اردو فارسى
Logo
Latest News
Business

G20 Meetings Seek Financial, Monetary Solutions to Boost Economic Growth

The Saudi capital, Riyadh, hosts a two-day meeting of G20 finance ministers and central banks on February 22, 2020. (EPA)
The Saudi capital, Riyadh, hosts a two-day meeting of G20 finance ministers and central banks on February 22, 2020. (EPA)
TT
TT

G20 Meetings Seek Financial, Monetary Solutions to Boost Economic Growth

The Saudi capital, Riyadh, hosts a two-day meeting of G20 finance ministers and central banks on February 22, 2020. (EPA)
The Saudi capital, Riyadh, hosts a two-day meeting of G20 finance ministers and central banks on February 22, 2020. (EPA)

The G20 Finance Ministers and Central Bank Governors meetings taking place in Saudi Arabia's capital on Saturday and Sunday seek to enhance economic growth through financial mechanisms.

The talks will be chaired by the Kingdom’s Finance Minister Mohammed al-Jadaan and central bank governor Ahmed al-Kholifey.

For his part, Kholifey said the meetings will discuss the world's economic situation and mechanisms for facing global monetary, financial and economic challenges.

He said the Kingdom looks forward to more cooperation with G20 member states and participating parties to achieve the common target of promoting strong, sustainable and balanced economic growth and making a tangible positive impact in the long run.

The shift to the accrual basis is a national and strategic project, said Finance Ministry official Abdulaziz al-Freih, during a dialogue session in the first meeting for G20 financial managers in the public sector.

Freih affirmed the support provided by the government for the project implementation, noting that it has issued a royal decree to shift all financial departments to this new accounting system.

The official also highlighted the ability of all government agencies to switch to accounting on an accrual basis and to complete the initiative.

He said the Ministry is aware of the size of the challenges related to preparing the human element, managing technical financial systems, controlling and evaluating the assets.

Freih said a path has been established to deal with each of these challenges properly.

He stressed the need for transformation per the accounting standards of the public sector, to enhance the quality of accounts and know the obligations accurately for proper planning.

The experiences of countries that preceded the Kingdom in the transformation were taken into consideration during the first stages of the project, as well as the recommendations of international organizations.

The project is state-owned and not limited to the finance ministry, Freih explained, pointing out that the human cadres represent the main element for its success.

A training program was provided to empower these cadres through the virtualization and e-training platforms.

Meanwhile, Deputy Minister for Accounts in the Finance Ministry Hamad Alkanhal said the ministry has been keen to provide transformation empowerment tools and test them in the experimental application to make sure the actual application of these outputs is appropriate.

He also stressed the role of government agencies as partners in the transformation process, adding that they helped the ministry reach the stage of identifying and describing and proposed possible solutions.

Most Viewed

 
 
Business

FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
TT
TT

FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.