Saudi Arabia plays a pivotal role in the IMF through its historic presence and works with its multiple partners, when needed, to promote global financial stability, said a senior Riyadh-based economist as Group of 20 Nations reiterated their commitment to boost global growth by 2 percent.

John Sfakianakis, chief investment strategist at MASIC, a Riyadh-based investment firm, made these remarks as the G20 delegates pressed the US to ratify crucial IMF reforms, suggesting they would find an alternative if Washington does not deliver by year’s end.

The reforms, which include a funding increase and expansion of emerging economies’ roles in the International Monetary Fund, were originally strongly backed by the US, the fund’s largest shareholder.

Finance Minister Ibrahim Al-Assaf is heading the Saudi delegation at World Bank Group-International Monetary Fund meetings in Washington.

Sfakianakis said: “Saudi Arabia is mindful of the global recovery efforts and does its part to provide stability in oil prices as per the needs of global markets.”

He said: “Equally important is Saudi Arabia’s stabilizing role in various regional economies and emerging markets.”

Sfakianakis stressed that Saudi Arabia has been well-cushioned from the negative headwinds of the currency declines of other emerging markets as a result of its prudent currency policy.

Finance ministers in Washington for the spring meetings of the IMF and World Bank earlier said they were “deeply disappointed” by failure to implement changes agreed in 2010, and gave the US until the end of the year to do so.

“We are committed to maintaining a strong and adequately resourced IMF,” says the communique.

“If the 2010 reforms are not ratified by year-end, we will call on the IMF to build on its existing work and develop options for next steps.”

The Group of 20 Nations also reiterated their commitment to boost global growth by 2 percent, or over $2 trillion, over the next five years and achieve exchange rate flexibility.

Basil Al-Ghalayini, CEO of BMG Financial Group, said: “Clearly the G20 members’ patience has run out with the US over its reform delay with a virtual ultimatum and deadline to ratify these reforms by year end. Obviously, the mounting debt of the US budget, which was highly criticized by the Republicans, coupled with gradual split between US and Russia over the Ukraine crisis, are proving to be stumbling blocks for the Americans to proceed. Ultimately, advanced and emerging economies, including that of Saudi Arabia, will be more forceful in deciding the future direction of the IMF in the absence of the US.”