KSA favors linking global multilateral forums

Finance Minister Ibrahim Al-Assaf will lead a high-profile Saudi delegation to the G20 leaders’ summit that is set to begin in the Russian city of St. Petersburg Thursday. The delegation comprises several top Saudi officials and key decision-makers, including Fahd bin Abdullah Al-Mubarak, governor of the Saudi Arabian Monetary Agency (SAMA).
“The G20 summit agenda includes a thorough review of the developments of the global economy and the framework of a strong and sustainable growth aimed at strengthening the international financial structure and global financial system,” said a report published by the Saudi Press Agency.
Nevertheless, mounting pressure on the US and the West to strike Syria is likely to overshadow talks at the G20 meeting.
The Kingdom is participating in the summit within the context of contributing to the multilateral system to ensure fair and effective responses to the financial challenges confronting the world today.
A spokesman at the Russian Embassy here said: “The mission issued visas to the whole contingent of Saudi officials traveling to St. Petersburg for the G20 summit.”
The Saudi delegation also includes Sulaiman bin Mohammed Al-Turki, undersecretary at the Ministry of Finance for international financial affairs, and Abdulrahman bin Mohammed Al-Mufdhi, secretary-general of the Public Investment Fund.
The Saudi participation symbolizes the intention of the Kingdom to make contributions within the framework of the G20 deliberations. Riyadh is committed particularly to promoting the interests of developing countries.
The Kingdom is also committed to linking the G20 process to other global multilateral forums and initiatives, as well as coordinating approaches with other developing countries. This has been made possible for Saudi Arabia, which topped the ranking in terms of economic performance among the Group of 20 leading nations, while Russia and China took second and third places respectively, according to a report published by the International Monetary Fund (IMF).
The Kingdom has one of the lowest levels of state debt today. On the other hand, Riyadh has also emerged as a major donor country and a destination from where billions of dollars of remittances are sent abroad every year.
The G20 leaders will issue a joint statement that will reflect the G20’s intentions and concrete mechanisms for further work on stimulating strong, sustainable and balanced growth.
The G20 represents 90 percent of global gross domestic product, two-thirds of the world’s people and four-fifths of world trade.
It has replaced the Group of Eight (G8) as the main forum for international economic coordination. The G8 members, namely the United States, Canada, Japan, Russia, Germany, Britain, France and Italy, are part of the G20, which also consists of the European Union, Mexico, Brazil, Argentina, South Africa, Turkey, India, China, Indonesia, South Korea, Saudi Arabia and Australia. Organizations such as the World Bank, IMF and the United Nations have also taken part in G20 summits. Russia assumed the G20 presidency on Dec. 1, 2012.