DUBAI: Saudi G20 presidency, represented by the Kingdom’s minister of finance, joined the UN meeting titled “Financing for Development in the Era of COVID-19 and Beyond,” state news agency SPA reported.
Heads of states and international organizations, representatives from NGOs and the private sector discussed six topics mainly, global liquidity and financial stability, debt vulnerability, private sector creditors engagement, external finance and remittances for inclusive growth, illicit financial flows and recovering better for sustainability and growth.
“The Kingdom of Saudi Arabia, including in its capacity as the G20 President, remains committed to work with others to address what is, first and foremost, a human tragedy, and its global health, economic and social impacts, including on the most vulnerable,” Mohammed Al-Jadaan said during the meeting.
The minister highlighted the G20’s response to the challenges in the health, economic and social sectors created by the coronavirus pandemic.
“As the president of the G20 in 2020, the Kingdom of Saudi Arabia immediately took concrete steps to drive and coordinate international response, with the aim of developing collective actions to address the global challenges presented by the COVID-19 pandemic,” he added.
The meeting was co-chaired by UN head Secretary-General António Guterres, Jamaican Prime Minister Andrew Holness and Canadian Prime Minister Justin Trudeau.
It launched a collective effort to create proposals which will help overcome challenges in the six areas mentioned earlier, which will be presented during a political forum in July and at the General Assembly in September, SPA added.
Meanwhile, the G20 International Financial Architecture (IFA) working group held an extraordinary meeting to assess the Debt Service Suspension Initiative (DSSI).
The initiative, which could provide around $14 billion in immediate and critical liquidity relief through official bilateral creditors for the poorest nations, received 36 applications during the first month.
The DSSI “would help vulnerable countries strengthen their fight against the pandemic. This amount could increase significantly if additional creditors, including multilateral development banks and private sector creditors, join the initiative” Saudi G20 Presidency Policy Lead of the IFA Bandr Alhomaly said.
Experts from the International Monetary Fund, World Bank, Institute of International Finance, Paris Club Secretariat and various regional development banks joined the meeting.
The group will host another extraordinary meeting on June 23 to further examine the DSSI implementation efforts, ahead of the Finance Ministers and Central Bank Governors meeting in July.
Saudi G20 presidency joins UN meeting on development financing amid COVID-19 pandemic
https://arab.news/gebhh
Saudi G20 presidency joins UN meeting on development financing amid COVID-19 pandemic
- Heads of states and international organizations, representatives from NGOs and the private sector joined the UN meeting
- The G20 International Financial Architecture (IFA) working group also held a meeting
The founding economy: A blueprint for stability in the First Saudi State
- The establishment of the First Saudi State created a secure environment that facilitated the arrival of caravans, secured vast trade routes, and revived commerce across the Arabian Peninsula
RIYADH: The economy during the founding stage of the First Saudi State served as a fundamental pillar in building the nation, consolidating its influence, and ensuring its stability. This early economic growth was inextricably linked to achieving security, unifying regions, and organizing society—factors that directly stimulated trade, stabilized markets, and enhanced the foundations of daily life in Diriyah and its surrounding areas.
According to Dr. Abdullah Al-Saleh Al-Othaimeen's "Diriyah: Origins and Development during the First Saudi State," published by the King Abdulaziz Foundation for Research and Archives (Darah), the founding economy stands as a historical model reflecting the reciprocal relationship between political stability and early economic prosperity.
The establishment of the First Saudi State created a secure environment that facilitated the arrival of caravans, secured vast trade routes, and revived commerce across the Arabian Peninsula.
Beyond its political and intellectual prominence, Diriyah emerged as a vibrant economic hub. Its active markets attracted merchants and students from across the region, all of whom benefited from the state-provided stability. The local society relied on diverse activities for its livelihood, including trade, agriculture, and livestock breeding, with horses and camels playing crucial roles in transportation, commerce, and securing roads.
The social and administrative organization upon which the state was founded ensured the continuous availability of goods and sustained market stability. Ultimately, the close relationship between public security and economic growth during this founding phase solidified Diriyah's position as a premier political and commercial center in the Arabian Peninsula.
