Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan said that despite the remarkable recovery in the global economy, it is still below its hoped-for levels.
During his participation in the third meeting of G20 Finance Ministers and Central Bank Governors in Brazil on Saturday, the Minister pointed to the gains of long-term economic planning enjoyed by Saudi Arabia.
Al-Jadaan stressed the importance of multilateral cooperation in addressing global challenges.
He also stressed Saudi Arabia's appreciation for the efforts made to support the international tax cooperation agenda.
During the session, the Minister explained that sustainable financing requires coordinated action, taking into account the aspirations of developing countries for economic progress, stressing the importance of allowing countries to implement an approach that is consistent with their national policies and procedures, and that the proposed solutions include carbon capture technologies.
Al-Jadaan pointed to the importance of addressing debt in low-income countries experiencing high debt distress, stressing the Kingdom's support for efforts to enhance the implementation of the Common Framework Initiative for Debt Treatment, in order to address the challenges posed by debt to financial sustainability and macroeconomic stability.
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