Saudi Arabia coordinates with G20 countries to support capital flows to emerging markets: Al-Jadaan

Mohammed Al-Jadaan, Saudi Minister of Finance, said that the Kingdom will coordinate with G20 member countries to promote sustainable financing for developing countries, support the return of capital flows to emerging markets and developing countries, build resilience and promote more sustainable sources of financing.

Speaking at a high-level ministerial virtual conference on Wednesday, the minister said that in response to COVID-19 pandemic, G20 countries have implemented unprecedented fiscal, monetary and financial stability measures, SPA reported.

He added that G20 countries ensured that international financial institutions can provide critical support to developing and low-income countries.

Speaking at the session, Ahmed Alkholifey, Governor of the Saudi Arabian Monetary Authority emphasized that restoring flows of capital is essential to upholding the stability of the global financial system.

He added that the Kingdom is working with G20 countries to better understand the drivers of these volatilities and discuss policy responses to mitigate them.

The conference, which was concluded by the Saudi G20 Presidency and the Paris Forum, also discussed challenges around international capital flows volatility – as exacerbated in emerging market economies by the unprecedented COVID-19 crisis - and possible policy responses to help restoring sustainable flows of capital and mobilizing robust financing for development.

The conference was co-chaired by Mohammed Al-Jadaan, the French Minister of Economy and Finance Bruno Le Maire, as well as finance ministers and Central Bank governors, heads of international financial institutions, chief executives of private financial institutions and prominent scholars.