RIYADH: Saudi Minister of Finance discussed downside risks to the global economic outlook and highlighted the importance of international cooperation to support global economic recovery.
Mohammed Al-Jadaan said Saudi Arabia is continually supporting countries and people in need, highlighting a recent $10m support package for Ukrainian refugees in neighboring countries.
He made the remarks during a meeting of finance ministers and central bank chiefs at the G20 in Indonesia.
Changes to global economic outlook since the group’s February meeting, including the economic and financial implications of the conflict in Ukraine, were also discussed.
The meeting discussed mechanisms for pandemic prevention, preparedness, and response, as well as the ongoing efforts to maximize the impact of the Special Drawing Rights (SDRs) channeling to support vulnerable nations.
On sustainable finance, Dr. Fahad Almubarak, Saudi Central Bank governor, stressed the importance of providing flexibility for different national circumstances and priorities. He reiterated the need to building on previous efforts, particularly by utilizing the Circular Carbon Economy approach, which was endorsed at the Riyadh Summit during the G20 Saudi Presidency in 2020.
Al-Jadaan met a number of finance ministers, including US Secretary of the Treasury Janet Yellen.
Al-Jadaan and Yellen discussed Saudi-US economic relations, as well as the economic the impact of recent geopolitical tensions. The also touched on the economic challenges of the COVID-19 pandemic and overcoming them while safeguarding global economic recovery.