Saudi Finance Minister Calls for Accelerated Reform of Global Trade System at G20 Meeting
Cape Town, The Gulf Observer: Saudi Arabia’s Minister of Finance, H.E. Mohammed Al-Jadaan, has emphasized the urgent need to accelerate reform of the global trade system to respond effectively to evolving economic conditions. His remarks came during the third G20 Finance Ministers and Central Bank Governors Meeting, held under South Africa’s presidency in KwaZulu-Natal on July 17–18.
In his address to the forum, Minister Al-Jadaan highlighted the growing fiscal pressures facing governments worldwide, stating, “The fiscal space is shrinking at a time when financing needs are growing, leading to higher borrowing costs and mounting pressure on both governments and the private sector.”
He welcomed the G20 note on lessons learned from the Common Framework cases, along with the accompanying document outlining debt treatment steps. Al-Jadaan underscored the importance of these contributions in enhancing transparency and predictability in global financial mechanisms.
The minister also called for sustained international support for countries experiencing financial distress or short-term liquidity challenges, reiterating Saudi Arabia’s commitment to inclusive global recovery and sustainable economic growth.
On the sidelines of the meeting, Minister Al-Jadaan held a series of bilateral talks with his counterparts from other G20 member states. These discussions focused on recent global economic developments and avenues for strengthening financial cooperation on shared priorities.
The meeting brought together G20 finance ministers and central bank governors, alongside representatives from invited countries and leading international and regional financial institutions. Deliberations covered key issues such as global debt vulnerabilities, macroeconomic stability, climate finance, and international tax cooperation.
Saudi Arabia continues to play an active role within the G20 framework, advocating for collaborative approaches to global economic governance and resilient financial systems.
