Saudi Crown Prince at G20: Confirmation of Kingdom’s Economic and Political Weight

Saudi Crown Prince and Prime Minister HRH Mohammed bin Salman traveled to attend the Group of 20 (G20) summit in Indonesia, as part of an Asian tour.

The participation of the Crown Prince confirms the importance and international weight of the Kingdom of Saudi Arabia as an international economic and political player.

 

During the summit, HRH Prince Mohammed bin Salman emphasized Saudi Arabia’s support for boosting the global economy and contribution to G20 outcomes.

 

 

This comes in line with the G20 declaration which stated that this year’s summit comes at a time of unprecedented multidimensional crises.

 

“We have experienced the devastation brought by the Covid-19 pandemic, and other challenges including climate change, which has caused the economic downturn, increased poverty, slowed global recovery and hindered the achievement of the Sustainable Development Goals,” the declaration read.

 

“5. At today’s critical moment for the global economy, it is essential that the G20 undertakes tangible, precise, swift and necessary actions, using all available policy tools, to address common challenges, including through international macro policy cooperation and concrete collaborations. In doing so, we remain committed to supporting developing countries, particularly the least developed and small island developing states, in responding to these global challenges and achieving the SDGs. In line with the Indonesian G20 Presidency theme — Recover Together, Recover Stronger — we will take coordinated actions to advance an agenda for a strong, inclusive and resilient global recovery and sustainable development that delivers jobs and growth.”

 

 

With the above in mind, accordingly, G20 members will:Stay agile and flexible in our macro-economic policy responses and cooperation.

 

And will make public investments and structural reforms, promote private investments, and strengthen multilateral trade and resilience of global supply chains, to support long-term growth, sustainable and inclusive, green and just transitions.

 

They also said that they will ensure long-term fiscal sustainability, with our central banks committed to achieving price stability.

• Protect macroeconomic and financial stability and remain committed to using all available tools to mitigate downside risks, noting the steps taken since the Global Financial Crisis to strengthen financial resilience and promote sustainable finance and capital flows.
• Take action to promote food and energy security and support stability of markets, providing temporary and targeted support to cushion the impact of price increases, strengthening dialogue between producers and consumers, and increasing trade and investments for long-term food and energy security needs, resilient and sustainable food, fertilizer and energy systems.
• Unlock further investments for low- and middle-income and other developing countries, through a greater variety of innovative financing sources and instruments, including to catalyze private investment, to support the achievement of the SDGs. We ask the Multilateral Development Banks to bring forward actions to mobilize and provide additional financing within their mandates, to support achievement of the SDGs including through sustainable development and infrastructure investments, and responding to global challenges.
• Recommit to accelerate achievement of the SDGs, achieving prosperity for all through sustainable development..

 

As the Crown Prince departed Indonesia on Wednesday following his participation in the international summit, he expressed gratitude to Indonesia’s President Joko Widodo for his “warm reception and generous hospitality” to himself and the Saudi delegation.

 

“As I leave your brotherly country, following my participation in the G20 Leaders’ Summit, I express my deepest gratitude and appreciation to Your Excellency for the warm reception and generous hospitality accorded to me and the accompanying delegation,” the Saudi Crown Prince said in a cable addressed to Widodo.

 

“I would also like to congratulate Your Excellency for the success of the brotherly Republic of Indonesia in hosting this summit and the positive outcomes that we have reached during Your Excellency’s presidency of this summit, stressing the importance of the reached decisions that we hope to greatly contribute to supporting cooperation among G20 countries and boosting the rates of global economic growth.”

“I wish Your Excellency good health and happiness, and for the Indonesian people further progress and prosperity,” he concluded, extending his “greetings and appreciation” to the Indonesian president.

 

In a cable of thanks to Indonesia’s President Joko Widodo, Prince Mohammed bin Salman praised the positive outcomes reached at the G20 Summit.

“We hope to greatly contribute to supporting cooperation among G20 countries and boosting the rates of global economic growth,” he said in his statement posted on the state news agency (SPA).

 

He congratulated Indonesia’s president on the summit’s success and thanked him for his “warm reception and generous hospitality.”

 

“I wish Your Excellency good health and happiness, and for the Indonesian people further progress and prosperity,” he added.

 

The crown prince was seen off at the Ngurah Rai International Airport in Bali by Indonesian Coordinating Minister for Maritime Affairs and Investment Luhut Pandjaitan, Saudi Ambassador to Indonesia Essam bin Abed Al-Thaqafi, and several officials, according to SPA.

 

Members of the G20 leading economies ended the summit with a declaration of firm condemnation of the war in Ukraine and a warning that the conflict is making an already delicate world economy worse.

 

The conflict in Ukraine loomed large over the two-day summit held on the tropical island of Bali in Indonesia.

 

The summit’s closing statement was noteworthy as world leaders managed to highlight a denunciation of the war despite the divisions among the group, which includes not only Russia but also countries such as China and India that have significant trade ties with Moscow and have stopped short of outright criticism of the war.

 

The final G20 statement expressed deep concern on a range of issues, including food and energy crises made worse by the war in Ukraine.

 

Leaders said that amid food shortages and rising prices they’d take “urgent actions to save lives, prevent hunger and malnutrition, particularly to address the vulnerabilities of developing countries.”

 

 

 

 

Bilateral meetings during G20

 

 

On the sidelines of his participation in the G20 summit in Indonesia, the Saudi Crown Prince HRH Mohammed bin Salman met a number of world leaders.

 

The Saudi Crown Prince’s meetings included British Prime Minister Rishi Sunak and Turkish President Recep Tayyip Erdogan.

 

Also, Prince Mohammed bin Salman and the Italian Prime Minister, Giorgia Meloni, met on the sidelines of the G-20 summit.

 

 

During his meeting with the British PM, Saudi Arabia’s Crown Prince and Prime Minister HRH Mohammed bin Salman discussed “stabilization” of oil prices in the global market.

 

Following a meeting at the summit, Sunak was said by spokesman to have expressed to Saudi Arabia’s crown prince  the hope that the two nations could work together to help stabilize energy markets.

 

“In light of the global increase in energy prices sparked by Russia’s invasion of Ukraine, the prime minister said he hoped the UK and Saudi Arabia could continue to work together to stabilize energy markets,” the spokesperson said in a statement issued following the meeting .

 

The Crown Prince’s participation in the summit comes at a time when Saudi Arabia works to diversify its ties of partnership and cooperation.

 

HRH also met with UAE President HH Sheikh Mohamed bin Zayed Al Nahyan on the sidelines of the Group of 20 (G20) summit in Bali, Indonesia on Tuesday.

 

The leaders discussed bilateral ties between their two countries, as well as topics of mutual interest, including those on the agenda for G20 talks, the official Emirates News Agency WAM reported on Tuesday.

 

 

 

 

 

 

 

Saudi Crown Prince Pledges to Finance Restoration of Jakarta Islamic Center

 

During his visit to Indonesia the Saudi Crown Prince has announced that the Kingdom will finance the restoration of the Jakarta Islamic Center after it suffered fire damage during renovation work last month.

 

Wednesday’s announcement reflects the crown prince’s interest in preserving the site as “it plays a great role in educating young generations and spreading Islam’s tolerance and message of peace,” the Saudi Press Agency reported.

 

It added it is also “an embodiment of the fraternal relations that unite Saudi Arabia and Indonesia.”

 

Indonesian Ambassador Abdul Aziz Ahmad told Arab News: “I express my deepest gratitude to Crown Prince and Prime Minister of Saudi Arabia Mohammed bin Salman for attending the G20 Summit in Bali.

 

“We hope that the presence will further strengthen relations between the two countries, not only at the G20 but especially for the good relations between the two nations that have been established from thousands of years ago.

“We welcome the initiative to finance the renovation of the JIC by the Kingdom, as a reflection of the brotherly relationship between Saudi Arabia and Indonesia.

“The JIC is an important institution for spreading Islam, not only for the people of Jakarta but also for the people of Indonesia. We believe the initiative will further strengthen the brotherly relations between Indonesia and Saudi Arabia in the present and the future.”

 

 

Saudi support to global pandemic fund

 

 

Also during the summit, the Kingdom of Saudi Arabia announced that it has provided support to the financial intermediation fund for health security called the Pandemic Fund, with an amount of $50 million, the Saudi Press Agency (SPA) reported.

 

This came in the speech of Saudi Crown Prince Mohammed bin Salman, delivered on his behalf by Foreign Minister Prince Faisal bin Farhan bin Abdullah during the G20 summit.

 

This initiative comes within the outputs of the Saudi presidency of the group in 2020.

 

According to the Saudi Press Agency (SPA), the fund aims to provide financing to low- and middle-income countries and regions; to enhance its preventive capacity against future pandemics, as well as its ability to prepare for and respond to them at the national, regional and global levels.

It will fund laboratory systems, disease surveillance and emergency communications, management, community engagement, and the health workforce.

 

The support provided by Saudi Arabia – in addition to the support provided by countries, institutions and international non-profit organizations, totaling $1.4 billion – contributes to strengthening efforts at the regional and global levels to share epidemiological data, coordinate procurement of medical and non-medical countermeasures, and harmonize regulatory measures.