No final decision on G20 summit being physical or virtual: Saudi finance minister

Saudi Minister of Finance Mohammed al-Jadaan wears a protective mask as he attends a virtual meeting of G20 finance ministers and central bank governors in Riyadh. (Reuters)

Saudi Minister of Finance Mohammed al-Jadaan said that no final decision has been made on whether the G20 leaders’ summit will be physical or virtual and the matter is still being considered.

The minister was speaking at a Bloomberg event on Wednesday.

The G20 summit is scheduled for November and Saudi Arabia is the host of this year’s annual gathering of representatives of the world’s largest economies.

In the run-up to the summit in 2020, Saudi Arabia hosted preparatory ministerial meetings as well as meetings for senior government officials from G20 members and for representatives of international organizations, the private sector, and civil society. Because of the prevailing coronavirus pandemic, many of the conferences were held as virtual sessions.

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The meeting early this week in Brussels of 27 leaders of the European Union was one of the first face-to-face meetings held to decide on a fund to revive economies throttled by the COVID-19 pandemic.

The Group of Seven summit to be held in late June in the US was postponed by President Donald Trump in late May because he wanted expand the list of countries invited to include Australia, Russia, South Korea and India.

The G7 is made up of the United States, Italy, Japan, Canada, France, Germany, Britain as well as the European Union.

The Group of Twenty

The Group of Twenty (G20) is an international annual meeting of leaders from the countries with the largest economies, where 19 countries and the European Union are represented.

The G20 was formed in 1999 to find a solution to the Asian financial crisis, and ever since then, the meeting does not have permanent headquarters or personnel, and its presidency rotates on a yearly basis.

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The G20 includes 19 countries, in addition to the European Union. These are South Africa, the United States, Saudi Arabia, South Korea, Germany, India, Indonesia, Italy, Turkey, Argentina, Australia, Brazil, Canada, China, France, Japan, Mexico, Russia, and the UK. However, other countries can be invited as guests.

The members represent more than 65 percent of the world’s population, almost 80 percent of the gross world product, and 75 percent of global trade. The world leaders get together to discuss the most important financial and economic issues of the day.

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Last Update: Wednesday, 22 July 2020 KSA 21:31 - GMT 18:31
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