Minister of Finance, Mohammed bin Abdullah Al-Jadaan, participated in the third meeting of G7 Finance Ministers and Central Bank Governors under the Italian presidency, held from 23-25 May 2024 in Stresa, Italy.
Minister Al-Jadaan attended four sessions discussing the global economic situation. During the “Artificial Intelligence and Development: Challenges and Opportunities” session, he emphasized the Kingdom’s pivotal role in technological development, particularly in the field of AI, to enhance global inclusive growth and sustainable development.
In the session on “Financing Needs of Low-Income Countries,” he indicated that the proposed “multi-dimensional approach” to addressing debt has significant potential.
This approach contributes to creating fiscal space, enhancing economic resilience, and making progress towards sustainable development goals, the minister said.
In the session “Development Initiatives with a Focus on Africa,” he noted that Africa has significant potential due to its ambitious people, youthful population, and resource-rich land.
In the “Cross-Border Payments” session, he mentioned that under the Saudi presidency in 2020, the G20 agreed on a clear action plan to support cross-border payments.
This led to the establishment of the Cross-Border Payments Coordination Group, which works in collaboration with international organizations to improve global payment arrangements.
He also emphasized the importance of building on existing efforts in this area.
On the sidelines of the meeting, Al-Jadaan met with several ministers and leaders of global organizations to discuss key economic and financial developments and topics of mutual interest.
Source: www.spa.gov.sa