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Saudi Finance Minister Participates in Third G7 Finance Meeting

Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan participated in the third G7 Finance Ministers and Central Bank Governors Meeting under the Italian presidency. The meeting was held from May 23-25, 2024 in Stresa, Italy.

According to the Saudi Press Agency (SPA), Al-Jadaan participated in four sessions discussing the global economic situation.

In the first session, “Artificial Intelligence and Development: Challenges and Opportunities,” he stressed the Kingdom’s pivotal role in technology development, especially in the field of artificial intelligence (AI), to enhance global inclusive growth and sustainable development.

During the “Addressing Financing Needs of Low-Income Countries” session, the Saudi Minister said that the proposed “multi-dimensional approach” to address debt has great potential. This approach contributes to creating fiscal space, improving economic resilience, and making progress towards Sustainable Development Goals.

In the “Development Initiatives with a Focus on Africa” session, Al-Jadaan noted that Africa has significant potential in its ambitious people, youthful population, and rich natural resources.

Furthermore, in the “Cross-Border Payments” session, he highlighted the action plan that the G20, under Saudi Arabia’s presidency, agreed upon in 2020 to support cross-border payments. This clear plan has led to the creation of the Cross-Border Payments Coordination Group, which cooperates with international organizations to improve global payments procedures. Al-Jadaan said that it is important to build upon these efforts.

On the sidelines of the meeting, the Saudi Finance Minister met with several ministers and leaders of international organizations. They discussed the latest economic and financial developments, as well as issues of common interest.

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