Saudi Arabia’s Minister of Economy and Planning Faisal al-Ibrahim affirmed on Saturday that the Kingdom is one of the world’s most important economic powers and is actively contributing to sustainable growth and protecting the global economy.
The Kingdom’s role, according to al-Ibrahim, is aiding humanity in confronting climate change and empowering people to shape promising futures.
“The Kingdom continues its pioneering role in expanding international cooperation and supporting strategic partnerships in a way that increases communication and activates the exchange of ideas and experiences because of its importance in drawing up policies that aim to develop effective solutions to the challenges facing the world,” said al-Ibrahim.
“These have a direct impact on achieving the Kingdom’s goals represented in Vision 2030 and enhancing its competitive capabilities,” he added in a statement on the occasion of the Kingdom’s participation in the G20 Leaders’ Summit in Italy.
Also, al-Ibrahim addressed the Economy and Planning Ministry’s role in the work of the Development Working Group under the Italian Presidency.
He pointed out that the ministry had participated in negotiations and conducted dialogue sessions as a member of the Troika and completed work on the recommendations and initiatives emanating from the Kingdom’s presidency in 2020.
The outputs of the Development Working Group focused on the potential of innovative financing instruments such as blended finance mechanisms, investment guarantees, sustainable development goals, green bonds, and support for the implementation of integrated national finance frameworks (INFFs).
Al-Ibrahim noted that the Group’s work highlighted the importance of the financial track to drive sustainable development financing, based on what was presented under the presidency of the Kingdom and previous presidencies.
The minister indicated that this year, the Group discussed communication between urban and rural areas and the role of intermediate cities as key actors for sustainable development and the localization of sustainable development goals.
The minister added that the Group worked to assess the roles of these actors in responding to the pandemic.
Additionally, the Group addressed present weaknesses to ensure a more sustainable and inclusive recovery.
Al-Ibrahim also noted that the Group paid attention to the role of cities, strengthening rural-urban linkages, and enabling rural families to diversify their sources of income.
It is noteworthy that the minister participated in a joint ministerial meeting of foreign and development ministers within the Italian presidency of G20.
The meeting focused on sustainable development goals, strengthening efforts to achieve global food security, obtaining the necessary political support to take concrete measures to confront the food crises arising from the coronavirus
pandemic, and the measures that the Group will take to support trade and investment in the world.