G20 in Riyadh… Merited Hosting!
The Kingdom of Saudi Arabia will be hosting the 15th annual G20 Leaders' Summit on Nov. 21 and 22, the first to be hosted by an Arab country.
This summit brings together the world's most powerful economies, and the Kingdom ranks seventeenth among those countries, outperforming advanced economies in the world. This has been achieved thanks to a number of facts, as Saudi Arabia is the second least G20 country in the ratio of debt-to-GDP, and it also ranks third among in reserves with five hundred and seven billion dollars.
Saudi Arabia has also achieved the greatest progress among the most competitive countries in the Global Competitiveness Yearbook Report, up thirteen places from last year. One of the last of these great accomplishments was the membership of the Financial Action Task Force (FATF) as the first Arab country to obtain this membership at the FATF’s general meeting that was held in Orlando, USA, on June 19th-21st. This membership is a recognition by the international community of the great leaps made by the Kingdom in implementing legislation and measures to combat money laundry at all levels in governmental institutions and related sectors in the Kingdom, and to combat terrorist financing.
The Kingdom’s hosting of the most important economic forum comes to emphasize the importance of Saudi Arabia’s role within this entity and that it occupies a position without which global economic stability can be achieved. The Saudi leadership has been able to play an important role in controlling the rhythm of the global economy, and played an effective role in the G20 meetings since its first session in Washington on November 15th, 2008. The Kingdom's moderate positions and conscious decisions concerning the requirements of economic balance it adopted during the years of comprehensive development emphasized its weight and impact on the global economy.
Saudi Arabia is known and distinguished within the G-20 for its support to advancing the economies of developing countries, thanks to the Saudi leadership's awareness and conviction that economic balance and sustainable development can only be achieved by reaching out to those countries to be an active participant in the success of comprehensive development. In this connection, Saudi Arabia is the fourth largest donor of development aid, the seventh largest donor of humanitarian aid worldwide, and the first in the Arab world and the Middle East region, a matter which is recognized by development funds within different international organizations.
This approach is not only on the material level, but on the diplomatic and political levels as well, as the Kingdom is the compass of wisdom, the balance of mind, and the anchor of stability within the fiery conflicting fields, by the grace of its ability and mastery of making alliances, which are among the most important characteristics and components of the great powers. These nineteen great countries, in addition to the EU membership, account for almost 90% of the world's total GDP, and 80% of global trade aim to discuss policy related to strengthening international financial stability, and they meet periodically to manage the economic system around the world and develop proactive solutions to avoid economic crises as it happened in the 1990s.
The Kingdom of Saudi Arabia is leading the G20 at an ideal time commensurate with its superior identity if it comes to unifying positions between key players and bringing points of view closer during crises. This year, which is not like other years before due to the Corona pandemic which unprecedentedly paralyzed the global economy caused discord between the two most important economies in the world, the United State of America and China, requires that the anchor should be to the right of the compass of wisdom - Saudi Arabia, and in this context, veteran US politician Henry Kissinger says, "We are on the verge of a third global war."
Saudi Arabia, under its wise leadership, is the ideal place to hold the G20 summit during this pandemic, due to its successful measures in dealing with this epidemic, as recognized by the World Health Organization (WHO), which indicated with admiration the free health care and preventive measures that resulted in a decrease in the rate of infections and deaths, outperforming the most advanced countries, including the United States of America and the United Kingdom. Therefore, the Kingdom's hosting of the summit will be a unique opportunity to transfer the Saudi experience to the rest of the G20 members.
Membership of the G20 and hosting its activities are an opportunity that is not easy to achieve, but the world is aware of the great political influence of Saudi Arabia, huge economic capabilities, military superiority, speed in forming and strengthening international alliances, and high potential in dealing with crises. Published by the Business Insider Saudi, Arabia has been placed in the ninth place in the list of the top ten powerful countries in the world by the US News & World Report.