Saudi finance minister focuses on global economic recovery, calls for multilateral cooperation at G20 meeting
Date
7/28/2024 6:05:30 AM
(MENAFN) Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan, speaking at the third meeting of finance ministers and central bank governors of the G20 in Brazil on Saturday, acknowledged that despite a notable recovery in the global economy, it remains below the desired levels. He emphasized the benefits Saudi Arabia has reaped from its long-term economic planning, attributing the nation's resilience to these strategic efforts.
Al-Jadaan underscored the critical role of multilateral cooperation in tackling global challenges. He expressed Saudi Arabia's appreciation for the ongoing efforts to support the international tax cooperation agenda, highlighting the importance of collective action in addressing complex issues.
During his session, the Minister elaborated on the necessity of sustainable financing, which requires coordinated action that respects the economic aspirations of developing countries. He emphasized that countries should be allowed to adopt approaches aligned with their national policies and procedures, advocating for solutions that incorporate carbon capture technologies.
Furthermore, Al-Jadaan highlighted the importance of addressing the debt burdens of low-income countries experiencing significant financial distress. He reiterated Saudi Arabia's support for enhancing the implementation of the Common Framework Initiative for Debt Treatment. This initiative is crucial for addressing the challenges that high debt levels pose to financial sustainability and macroeconomic stability, aiming to provide a more secure economic future for vulnerable nations.
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