Saudi Arabia underlined the importance of international cooperation to support global economic recovery and prevent negative repercussions amid the current international circumstances.
Saudi Minister of Finance Mohammad Al-Jadaan revealed the Kingdom’s continuous efforts to support people and countries in need, including its recent provision of urgent support in the amount of $10 million for Ukrainian refugees in neighboring countries.
The minister’s comments came on Thursday during the Second Meeting of the G20 Finance Ministers and Central Bank Governors in Washington that was held under the presidency of Indonesia, on the sidelines of the Spring Meetings of the International Monetary Fund and the World Bank.
Fahad Al-Mubarak, Governor of the Saudi Central Bank (SAMA), emphasized the need to secure the necessary flexibility to address various national circumstances and priorities, highlighting the importance of the circular carbon economy approach, which was adopted at the Riyadh G20 summit.
The meeting was attended by G20 members, invitee countries, including Ukraine, as well as international and regional organizations. G20 Finance Ministers and the Central Bank Governors continued the discussion on the agenda of the previous meeting held in Jakarta in Feb. 2022, namely the global economy and its risks, global health issues, international financial architecture, and sustainable finance.
The G20 Finance Ministers and Central Bank Governors will continue the dialogue at the Third Meeting, which will be held in Bali on July 15-16, 2022.
Meanwhile, Al-Jadaan met on Wednesday with US Secretary of the Treasury Janet Yellen, on the sidelines of the Spring Meetings of the IMF and the World Bank.
The meeting touched on bilateral economic relations, the economic impact resulting from geopolitical developments and the Covid-19 pandemic, and the means to face increasing challenges and maintain global economic recovery.