Riyadh - Mubasher: The Governor of the Saudi Central Bank (SAMA), Ayman bin Mohammed Al-Sayyari, participated in the work of the International Monetary and Financial Committee within the annual meetings of the International Monetary Fund and the World Bank in Washington.

Al-Siyari stressed, according to the Saudi Central Bank's (SAMA) account on the "X" platform, the importance of the flexibility and growth of the global economy in light of the challenges, with signs of stabilization appearing in inflation.

He pointed out that the burden of global sovereign debt reinforces the importance of achieving sustainable financial control, supported by reliable reforms in public finance and debt management, with the aim of rebuilding financial reserves and addressing risks that threaten debt sustainability.

He pointed out the importance of strengthening financial regulation and supervision in order to maintain global financial stability.

He pointed out the importance of the Fund playing its role in promoting international trade in a balanced and consistent manner, especially with the increasing risks of protectionist practices, and raising awareness regarding the high costs associated with such practices.

He stressed the importance of the Fund's recommendations on financial and monetary policies and technical assistance to help countries implement the necessary reforms to ensure the stability of their economies and enhance their flexibility.

He said that despite the global economic challenges, the Kingdom's economy has shown high resilience, reflected in low inflation rates, strong growth in non-oil sectors, record low unemployment, and continued strength of the banking sector, reflecting the progress made within the framework of Saudi Vision 2030 for economic transformation.

He pointed out that the Kingdom has provided numerous development aids since the outbreak of the Corona pandemic in 2020, with a value exceeding $36 billion, adding that the Kingdom has contributed $200 million to the International Monetary Fund's Poverty Reduction and Growth Trust Fund.

The Minister of Finance, Mohammed bin Abdullah Al-Jadaan, and the Governor of the Saudi Central Bank (SAMA), Ayman bin Mohammed Al-Sayyari, concluded their participation in the fourth meeting of the Finance Ministers and Central Bank Governors of the G20 under the Brazilian Presidency, which was held on Wednesday and Thursday, 20-21 Rabi` Al-Akhir 1446 AH, corresponding to October 23-24, 2024 AD, in the US capital, Washington.

During the session “Better, Bigger and More Effective Multilateral Development Banks,” the Minister of Finance said, “Multilateral development banks must work to enhance their operational effectiveness and financial capacity so that they can meet the growing needs of developing countries,” stressing that the Kingdom supports the “G20 Roadmap for Making Multilateral Development Banks Better, Bigger and More Effective,” which was endorsed by the G20 Finance Ministers and Central Bank Governors under the Brazilian Presidency.

During the session “The Global Economy: The Role of the G20 Over the Past 25 Years and the Continuing Need for International Cooperation,” Al-Jadaan explained that the G20 has a fundamental role in shaping the global economic landscape by enhancing cooperation, including what the group did under the Kingdom’s presidency of the group in 2020, as it responded effectively to the unprecedented global health and economic crisis caused by the Covid-19 pandemic, including by adopting initiatives to alleviate the debt burdens of countries in need.

On the sidelines of the meeting, Undersecretary of the Ministry of Finance for International Relations, Khaled Bawazir, participated in a roundtable meeting on exploring financial innovations for the Global Alliance Against Hunger and Poverty, during which he stressed the Kingdom’s commitment to achieving the Sustainable Development Goals, which are part of the Kingdom’s Vision 2030.

Bawazir also participated in the joint meeting of the G20 Ministers of Finance, Climate and Environment, Foreign Affairs and Central Bank Governors, during which he affirmed the Kingdom’s commitment to achieving net-zero neutrality goals by 2060 through a circular carbon economy approach, in line with its development plans and economic diversification efforts.

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