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Saudi Finance Minister Praises G20’s Debt Service Suspension Initiative

Saudi Finance Minister Praises G20’s Debt Service Suspension Initiative

Sunday, 22 November, 2020 - 17:45

Saudi Minister of Finance Mohammed al-Jadaan on Sunday lauded the G20’s endorsement of a plan to extend a freeze in debt service payments by the poorest countries to mid-2021.

Jadaan and Saudi Arabia's G20 Sherpa Fahad Al-Mubarak held the G20 Presidency press conference on the last day of the G20 Riyadh Summit.

Jadaan praised The Debt Service Suspension Initiative, stressing that it was a great achievement.

He noted the agreement to extend the debt initiative will run until June 2021, adding that it we will help poor countries in the short and medium term.

He also said that if it wasn't for the G20's intervention, millions of jobs would have been lost this year.

For his part, Al-Mubarak said that the Riyadh initiative to reform the World Trade Organization is one of the most prominent achievements of the G20 this year.

He emphasized that the G20 finance ministers met three times this year during which they have set out the key principles to review the foundations of global trade.

Both officials expressed their full satisfaction with the G20 Saudi Presidency.

Jadaan concluded his remarks by thanking every member and every working group behind the G20 Summit.

"I would like to thank with all of my heart every member of the G20, every minister, and every working group," stressed Jadaan.

"I am very proud, extremely proud," he concluded.

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