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Saudi finance minister and SAMA governor participate in G20 meeting in Brazil

RIO DE JANEIRO — Minister of Finance, Mohammed Al-Jadaan, and the Governor of Saudi

Central Bank (SAMA), Ayman Al-Sayyari, concluded their participation in the third meeting of

Finance Ministers and Central Bank Governors of the G20 under the Brazilian Presidency.

The meeting took place on July 25-26, 2024, in Rio de Janeiro, Brazil.

During the session on Global Economic Prospects and Ongoing Challenges, Al-Jadaan

highlighted the global economy's significant recovery, although it remains below the desired

levels. He emphasized the long-term economic planning benefits enjoyed by Saudi Arabia under

Vision 2030 and stressed the importance of multilateral cooperation in tackling global challenges.

In the session on International Tax Cooperation, Al-Jadaan expressed Saudi Arabia’s appreciation

for the efforts supporting the international tax cooperation agenda.

Addressing the session on Accessing Financing to Achieve Climate and Sustainable

Development Goals, Al-Jadaan emphasized that sustainable financing requires coordinated

action, considering the aspirations of developing countries for economic progress. He

highlighted the importance of allowing countries to implement approaches consistent with their

national policies and procedures, including solutions such as carbon capture technologies.

During the Development Financing session, participants discussed capital flows, global debt, and

the reform of multilateral development banks. Al-Jadaan stressed the importance of addressing

debt in low-income countries facing high debt distress and reaffirmed Saudi Arabia’s support for

the Common Framework Initiative for Debt Treatment. This initiative aims to address the

challenges posed by debt to financial sustainability and macroeconomic stability.

On the sidelines of the meeting, Al-Jadaan held several bilateral meetings with G20 ministers to

discuss ways to enhance cooperation and issues related to Saudi Arabia’s chairmanship of the

International Monetary and Financial Committee of the International Monetary Fund.