Publisher: Maaal International Media Company
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The recovery of economic activity is still very different between developing and developed countries, Minister of Finance Mohammed Al-Jadaan, explained, adding that such disparity increases the risks to inclusive and sustainable growth, especially in light of the possibility of the spread of new mutant strains of (Covid-19), and the low rates of vaccination, in poor countries.
In a press statement on the occasion of the G20 Summit, held under the Italian presidency, in Rome, Al-Jadaan stressed the need to use all available tools as long as necessary, in order to address the negative effects of the pandemic, especially its effects.
Those who making the most affected, continue to sustain recovery, avoid premature cancellation of support measures, and support collaborative efforts, especially the COVID-19 Accessibility Accelerator Initiative and the Global Vaccine Access Program (COVAX).
He also stressed the need to address financing gaps for all pillars of the accelerator initiative, and the importance of supporting sound corporate governance frameworks as well as effective capital markets, to support economic recovery.
Regarding the Kingdom’s position towards the countries, most in need and affected by the pandemic, he added: “The Kingdom welcomed the general distribution of Special Drawing Rights implemented by the International Monetary Fund, in August of this year, which provided the equivalent of $650 billion, in additional reserves, at the global level.
The world, and the Kingdom also welcomed the progress made within (the initiative to suspend debt service payments for the Group of Twenty), which benefited as many as 50 countries, with a total suspended amount estimated at about $12.7 billion, coming as a continuation of Saudi efforts, during its presidency of the group, last year.
With regard to climate challenges, he explained that the G20 agreed to coordinate efforts related to climate change and environmental protection, with the importance of having a mix of policies, most appropriate for the transition to economies with low greenhouse gas emissions, and taking into account the circumstances of each country.
He also noted that the Kingdom’s financial sector is robust and able to meet this global challenge, while continuing to empower the financial sector with the necessary tools to expand sustainable financing and investment capabilities, especially those related to the circular carbon economy.
Kingdom of Saudi Arabia continued to move forward, during the Italian presidency of the G20 as an active member of the group, and the only Arab country in it, to coordinate financial and monetary policies, in the most important global economies, address the challenges facing the global economy, and enhance international cooperation, in various fields, he concluded.