Riyadh - Mubasher: Saudi Arabia is cooperating with G20 countries to enhance sustainable financing for developing countries, the Saudi Minister of Finance, Mohammed Al Jadaan, announced.
The kingdom aims to restore cash flows to emerging markets, build financial flexibility, and promote funding resources, the minister added during a high-level ministerial conference on Wednesday.
The G20 countries have taken exceptional fiscal, monetary, and financial stability measurements and were keen to ensure that the international financial institutions are able to provide the necessary support to developing countries.
The Saudi G20 Presidency and the Paris Forum addressed the challenges around international capital flows volatility amidst the COVID-19 pandemic.
Meanwhile, Minister of Economy and Finance of France, Bruno Le Maire, said, “The G20 and the Paris Club took a historic step to address the COVID-19 impact by launching the Debt Service Suspension Initiative (DSSI) to the benefit of the poorest countries, in particular in Africa. We need to continue working together to ensure its successful implementation.
“In the next steps, we also need the right tools to support countries suffering from capital outflows. We cannot let this crisis destroy years of efforts to attract investors and support growth,” he concluded.