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Saudi finance minister says int’l cooperation needed for global economic recovery

Published: Updated:

Saudi Arabia’s Minister of Finance Mohammed al-Jadaan called for international cooperation to support global economic recovery at the second G20 Finance Ministers and Central Bank Governors’ Meeting on Tuesday, according to a statement released by the ministry on Thursday.

Al-Jadaan also highlighted the Kingdom’s efforts in continually supporting countries and people in need. The country has in recent months aided Ukrainian refugees in neighboring countries by providing them with urgent medical and shelter aid worth $10 million.

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The meeting, held under the Indonesian Presidency, saw the attendance of Saudi Central Bank (SAMA) Governor Dr. Fahad al-Mubarak and was held on the sidelines of the International Monetary Fund (IMF) and World Bank Spring Meetings.

Key topics related to changes in the global economic outlook were discussed, including economic and financial implications brought on by the war in Ukraine, as well as the mechanism for future pandemic prevention, preparedness, and response.

The Saudi Central Bank highlighted the importance of providing the necessary flexibility for different national priorities and circumstances, emphasizing the need for enhancing previous efforts by utilizing the Circular Carbon Economy approach which was endorsed at the Riyadh Summit during the G20 in 2020 which was held under Saudi Presidency.

Indonesia assumed the G20 presidency in December 2021 after the conclusion of the Leaders’ Summit in Rome, Italy.

The Indonesia Presidency laid out its five priorities which included enabling environment and partnership, promoting productivity, ensuring sustainable and inclusive growth, increasing resilience and stability, and stronger collective global leadership, according to the statement.

The IMF raised its 2022 forecast for Saudi Arabia on Wednesday in its latest report, suggesting that the Kingdom’s economy is set to grow by more than two-fold amid a record-high surge in oil prices.

While the IMF raised Saudi Arabia’s economic forecast for this year, it expects the GDP to fall to 3.6 percent next year. It increased this figure from an earlier estimate of 2.8 percent.

Read more:

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