Saudi Arabia stresses the importance of cooperation to support global economic recovery

While the Saudi Council of Economic and Development Affairs recently reviewed a number of reports on the achievements of the main axes of Vision 2030. Saudi Arabia stressed the importance of international cooperation to support global economic recovery and prevent negative repercussions amid the current international circumstances.

During his participation yesterday (Thursday) in the second meeting of finance ministers and central bank governors of the Group of Twenty in the American capital, Washington, the Saudi Minister of Finance, Muhammad Al-Jadaan, revealed the Kingdom’s continuous efforts to support people and countries in need, including its recent provision of urgent support in the amount of 10 Millions of dollars for Ukrainian refugees in neighboring countries, highlighting the importance of cooperation to support global economic recovery.

For his part, Fahd Al-Mubarak, Governor of the Central Bank of Saudi Arabia, stressed in the meeting held under the Indonesian presidency on the sidelines of the Spring Meetings of the International Monetary Fund and the World Bank, the need to provide the necessary flexibility for different national circumstances and priorities, stressing at the same time the need to build on previous efforts, especially By using the carbon economy approach, which was adopted at the Riyadh summit during the year of its presidency of the G20 2020.

The meeting was held in the presence of finance ministers and central bank governors from the Group of Twenty countries, a number of representatives of the invited countries and heads of international and regional organizations.

The meeting discussed key issues related to significant changes in the global economic outlook since the last February meeting, including the necessary economic and financial implications for Ukraine, the epidemic prevention, preparedness and response mechanism, as well as ongoing efforts to maximize the impact of the SDR Directive.

The Republic of Indonesia assumed the presidency of the Group of Twenty in 2021 after the conclusion of the Leaders Summit in Rome under the Italian presidency. The priorities of the Indonesian presidency included five pillars, namely, the enabling environment and partnerships between stakeholders, enhancing productivity, ensuring sustainable and inclusive growth, increasing flexibility and stability, in addition to forming global leadership. strong collective.

On the other hand, Al-Jadaan met, the day before yesterday (Wednesday), by default, Janet Yalin, US Secretary of the Treasury, on the sidelines of the Spring Meetings of the International Monetary Fund and the World Bank and the meeting of finance ministers and central bank governors of the Group of Twenty under the Indonesian presidency.

The bilateral economic relations between the two countries were discussed, as well as the most prominent economic aspects resulting from geopolitical developments and the Corona virus pandemic to face the increasing challenges and maintain global economic recovery.

In addition, the Saudi Council of Economic and Development Affairs recently reviewed a number of reports, presentations and topics on its agenda, including the presentation submitted by the Strategic Management Office regarding the comprehensive annual report of the Kingdom’s Vision 2030, which included the most prominent achievements on the level of the main axes and a comprehensive look at the performance of programs and challenges and future aspirations.

The Council of Economic and Development Affairs discussed, during a video conference, the offer submitted by the Saudi Standards, Metrology and Quality Organization, regarding the quality of consumer and food products in the national market, and the offer submitted by the General Authority for Competition regarding the evaluation of the competition system and its executive regulations.

The Council of Economic and Development Affairs holds its meetings periodically to review a number of reports, presentations and topics on its agenda, the last of which was its meeting last March to review the performance report of government agencies through the presentation submitted by the National Center for Measuring the Performance of Public Agencies, which included an overview For the results of indicators, including international, the status of initiatives, evaluation of management practice and measurement of beneficiary experience.