Saudi finance minister calls for urgent reform of global trade system at G20 summit
CAPE TOWN — Saudi Finance Minister Mohammed Al-Jadaan emphasized the urgent need to accelerate reform of the global trade system in response to shifting economic realities, during the third G20 Finance Ministers and Central Bank Governors Meeting held under South Africa's presidency on July 17–18.
'The fiscal space is shrinking at a time when financing needs are growing, leading to higher borrowing costs and mounting pressure on both governments and the private sector,' Al-Jadaan said during his address.
He welcomed the G20 note on lessons learned from the Common Framework cases and the accompanying debt treatment steps document, noting their importance in strengthening transparency and predictability.
He also stressed the need to continue supporting countries facing financial stress or short-term liquidity challenges.
On the sidelines of the G20 meetings, Al-Jadaan held bilateral talks with several finance ministers to discuss global economic developments and topics of mutual interest.The meeting, hosted in KwaZulu-Natal, South Africa, brought together G20 finance ministers, central bank governors, invited country representatives, and heads of international and regional financial institutions.
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