His Excellency the Saudi Minister of Finance, Mr. Mohammed Aljadaan, led the Saudi delegation at the 3rd Finance Ministers and Central Bank Governors meeting under South Africa’s G20 Presidency. The event took place from July 17-18, 2024, in KwaZulu Natal, South Africa. It gathered finance ministers and central bank governors from G20 countries, representatives of invited nations, and leaders of international and regional financial organizations.
The Saudi delegation included His Excellency the Governor of the Saudi Central Bank (SAMA), Mr. Ayman Al-Sayari, along with senior officials from the Saudi Ministry of Finance and SAMA.
During his participation, Minister Aljadaan highlighted the urgency to reform the international trading system. “It is important that we move forward with reforms that reflect today’s evolving realities,” he stated. He noted that fiscal space is narrowing while financing needs are growing, which is increasing borrowing costs and putting pressure on both governments and private sectors.
Minister Aljadaan also expressed support for the G20 note on lessons learned from Common Framework cases and its accompanying document on debt resolution steps. He stressed their significance in enhancing transparency and predictability. Additionally, he underscored the importance of providing timely support to countries facing short-term liquidity pressures.
On the sidelines of the meetings, Minister Aljadaan engaged with several finance ministers and heads of global companies to discuss global economic developments and other issues of mutual interest.
