Finance Minister Concludes Participation in G20 FMCBG Meeting in South Africa

Minister of Finance Mohammed Aljadaan led the Saudi delegation at the Third Meeting of the G20 Finance Ministers and Central Bank Governors (FMCBG), held on July 17 and 18 in KwaZulu-Natal, South Africa.
 ‏The Saudi delegation included Saudi Central Bank (SAMA) Governor Ayman Al-Sayari and other senior officials from the Ministry of Finance and SAMA.
 ‏During his participation, Aljadaan stressed the need to accelerate reforms of the international trading system, emphasizing that long-standing issues now require urgent action. "It is important that we move forward with reforms that reflect today's evolving realities," Aljadaan said. "Fiscal space is narrowing while financing needs are expanding, increasing borrowing costs and straining both governments and the private sector."
 Aljadaan also welcomed the G20 note on lessons learned from common framework cases and the accompanying document on debt resolution steps, citing their importance in enhancing transparency and predictability. He further emphasized the need to remain attentive to countries facing short-term liquidity pressures and to provide timely support where needed.
 ‏On the sidelines of the FMCBG session, Aljadaan met with several finance ministers and heads of international companies to discuss global economic developments and other issues of mutual interest.