RIYADH: Saudi Minister of Finance Mohammed Al-Jadaan has highlighted to the international community the importance of global cooperation in supporting world economic recovery.
Speaking during a meeting of the G20 Finance Ministers and Central Bank Governors, he also discussed ways to safeguard against downside risks to the global economic outlook.
He pointed out Saudi Arabia’s ongoing support for countries and people in need, including a recent medical and shelter aid package worth $10 million to help refugees who had fled Ukraine to neighboring European countries in the wake of Russia’s invasion.
The meeting, held under the presidency of Indonesia, was also attended by the governor of the Saudi Central Bank, Dr. Fahad Al-Mubarak.
Delegates discussed key topics related to changes to the global economic outlook since their February meeting, including the economic and financial implications of the conflict in Ukraine.
In addition, talks focused on mechanisms for pandemic prevention, preparedness, and response, as well as ongoing efforts to maximize the impact of support to vulnerable nations.
On sustainable finance, Al-Mubarak noted the need for flexibility in dealing with different national circumstances and priorities, and the importance of building on previous work, particularly by utilizing the circular carbon economy approach endorsed at the Riyadh Summit during the G20 Saudi Presidency in 2020.
Separately, Al-Jadaan met with the US Secretary of the Treasury Janet Yellen on the sidelines of the spring meetings of the International Monetary Fund and World Bank.
They discussed Saudi American economic relations, along with some of the main economic challenges emanating from recent geopolitical tensions and the ongoing coronavirus pandemic.