RIYADH: Ongoing global challenges, financial sector issues, and the international economic outlook will be key topics as Saudi Arabia participates in a meeting of G20 finance ministers and central banks in Brazil this week.
Finance Minister Mohammed Al-Jadaan will head the Kingdom’s delegation at the third Finance Ministers and Central Bank Governors meeting in Rio de Janeiro from July 25 to 26 under the Brazilian G20 Presidency, according to a ministry statement.
Other topics on the agenda include financial inclusion, international taxation cooperation, climate change, and financing sustainable development as well as capital flows, global debt, and reform of Multilateral Development Banks.
This falls in line with the Ministry of Finance’s goal of doubling the size of the financial sector and boosting gross domestic product growth.
It also cements the ministry’s aim to align the financial market’s size with that of the banking sector, while establishing an inclusive system benefitting most Saudi citizens.
According to the 2023 Financial Sector Development Program document, the Saudi Capital Market Authority plans to boost assets under management to 29.4 percent of the gross domestic product this year by increasing the investment environment and attracting more investors.
The Saudi delegation includes the Governor of the Saudi Central Bank Ayman Al-Sayari, along with other senior officials from the Saudi Ministry of Finance and SAMA.
The meeting convenes G20 ministers and central bank governors, several representatives of invited countries, and heads of global and regional financial organizations.
In June, the Riyadh-based Financial Academy unveiled its new strategy for 2024-2026, focusing on enhancing human capabilities in the sector through training programs and professional certifications.
The academy aims to increase the number of trainees and improve the quality of its services to meet the evolving needs of the industry.
