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Dr. Alkhareif highlights need to focus on the current challenges facing global economy

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RIYADH —The Deputy Finance Minister for International Affairs, Dr. Ryadh Mohammed Alkhareif, participated in the first G20 Finance and Central Bank Deputies meeting held in Bengaluru, India, during Dec. 13-14, in the presence of deputy ministers of finance and governors of central banks of the countries of the group, and representatives of international financial and development organizations.

The meeting focused on the priorities of the Indian presidency and the agenda of the financial track working groups. The meeting also witnessed a discussion of issues related to the global economy and the risks surrounding growth.

In his intervention, Dr. Alkhareif highlighted the need to focus on the current challenges facing the global economy, including the high inflation and the effect of rising interest rates significantly in a very short period of time, which will have a direct impact on debt sustainability and fiscal space, especially in low-income countries.

He emphasized the importance of strengthening the collaboration in implementing the G20 Common Framework, which has been launched under the Saudi G20 Presidency in 2020. This is given the challenges faced by most low-income countries with regard to financial sustainability.

On the sidelines of the G20 Finance and Central Bank Deputies meeting, Dr. Alkhareif participated in a high-level panel discussion titled “Strengthening Multilateral Development Banks (MDBs) to address shared global challenges of the 21st century “.

During the panel discussion, Dr. Alkhareif underscored the importance of promoting multilateralism, and to optimize the balance sheet of MDBs without necessarily injecting new capital. He explained the significant role of the Kingdom of Saudi Arabia in advancing the development agenda regionally and globally.

US Finance Deputy, Andy Baukol and Saudi Arabia’s Dr. Alkharief along with Director-General of ADB Tomoyuki Kimura, and Prof. Devesh Kapur of John Hopkins University participated as panelists and shared their views on the topic. Another side event on ‘Role of Central Banks in Managing Climate Risk and in Green Financing’ was also held.

The discussions focused on issues relating to the global economy and risks, strengthening Multilateral Development Banks (MDBs), managing global debt vulnerabilities, financing climate action and Sustainable Development Goals (SDGs) and building resilient, inclusive and sustainable cities of tomorrow.

During the first session on the global economy and Framework Working Group priorities, G20 members discussed global economic challenges, including global inflation, food and energy insecurity and macroeconomic implications of climate change.

In the session on International Financial Architecture, delegates deliberated on various issues, including strengthening Multilateral Development Banks (MDBs) and exchanged views on work to be undertaken in 2023 on key topics including global debt distress, capital flows and global financial safety net.

In the infrastructure session, discussions took place on India’s priorities for the Infrastructure Working Group 2023 including “Financing Cities of Tomorrow: Inclusive, Resilient and Sustainable”.

On Sustainable Finance issues, members exchanged views on financing for Sustainable Development Goals (SDGs), including climate action to facilitate the development of a sustainable and resilient global economy. — SPA

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