G20 Roadmap to Promote Cross-Border Payments, Discussed

G20 meetings were held with the participation of the finance ministers and central bank governors of the member states, along the side of a number of representatives of invited countries and heads of international and regional organizations.

During which they discussed many major issues related to the developments of the global economy, including international taxes, policies to support the transition to a green economy, and the promotion of investment, in Infrastructure, as well as issues related to the financial sector and specifically the progress made in implementing the G20 Roadmap to Promote Cross-Border Payments.

Meetings concluded with the approval of the finance ministers and central bank governors of the final statement, specifically on the final and effective allocation of the international minimum tax, in order to create a more stable and fair international tax structure.

Member states also followed up on the new general allocation of the Special Drawing Rights (SDRs), in an amount equivalent to $650 billion, which entered into force in August 2021, and discussed options presented by the International Monetary Fund to channel SDRs earmarked to help the most vulnerable countries.

Members of the group also welcomed the progress made on the common framework for debt treatment, beyond the scope of the initiative to suspend debt service payments, which was endorsed under the Saudi Arabia presidency of the G20 for the Year 2020, expressing their commitment to intensifying efforts to implement it in an orderly, coordinated and timely manner.

They also welcomed the establishment of the Creditors Committee of the Republic of Ethiopia, of which Saudi Arabia is a member, within the joint framework for debt treatment beyond the scope of the Debt Service Payments Suspension Initiative.

Members also expressed their commitment to the ongoing efforts within the Common Action Framework, while urging Chad’s private creditors, in particular, to act quickly and commit to facilitating the implementation of the framework.

This is the last meeting of finance ministers and central bank governors, under the Italian presidency, and the finance ministers are scheduled to meet again with the health ministers of the G20 countries, on October 29, prior to the leaders’ summit, in Rome.

Saudi Arabia will continue to support the work of the G20 to promote strong, sustainable, balanced and inclusive world growth.

It is noteworthy that the Kingdom is a member of the Tripartite Committee (Troika) of the G20, which represents an effective partnership between the Kingdom (in its capacity as the previous head of the group), the Italian presidency (in its capacity as the current chair of the G20) and Indonesia (in its capacity as the next coming president of the G20).