Riyadh: The Governor of Saudi Central Bank (SAMA), Ayman bin Mohammed Al-Sayari, emphasized that the Kingdom plays a key role in supporting the continued recovery of the global economy and maintaining financial stability.

He also highlighted the Kingdom’s active participation in addressing issues raised during Brazil’s presidency of the G20 Summit to ensure the achievement of its goals and to enhance multilateral cooperation in addressing global economic challenges such as slow growth and rising global debt levels.

In a statement to the Saudi Press Agency (SPA) on the occasion of the Kingdom’s participation in the G20 Leaders’ Summit held in Brazil, he said: "The Kingdom seeks through its participation in the G20 to enhance its interests and promote global economic stability, particularly for regional countries, as the only Arab member of the group".

He noted that this summit comes as a continuation of the significant efforts made during the Kingdom’s presidency of the G20 Summit in 2020, which focused on supporting the recovery of the global economy, promoting financial inclusion, maintaining financial stability, and assisting low-income countries in facing the effects of the COVID-19 pandemic.

Regarding the key economic issues that G20 countries seek to address, Al-Sayari indicated that the most important current issues being discussed by member countries include the slowdown of global economic growth, high inflation rates, rising global debt levels, and the disparity in economic policies among countries. He pointed out that SAMA, alongside the Ministry of Finance, participated in meetings of G20 Finance Ministers and Central Bank Governors (FMCBGs) during Brazil’s presidency in 2024.

He noted the discussions focused on key actions and outcomes related to the financial track, in collaboration with the presidency country and group members, particularly concerning financial sector regulations, the global partnership for financial inclusion, and sustainable financing.

The governor of SAMA reviewed the priorities of the 2024 G20 summit, saying it focuses on three main pillars: social inclusion and combating hunger and poverty, promoting sustainable development in its social, economic, and environmental dimensions along with energy transitions, and reforming global governance institutions. During the summit, he said, the key global economic challenges and ways to enhance global growth will be discussed.

Regarding the key issues adopted at the Riyadh Summit and set to be discussed at the Rio de Janeiro Summit, he referred to the G20’s Common Framework Initiative for Debt Treatment, which was the most prominent during the Kingdom’s presidency of the group in 2020.

This initiative aims to alleviate debt for the most vulnerable countries and has gained even more significance due to the unprecedented rise in sovereign debt levels, he said. The governor added that this underscores the importance of addressing debt in low-income countries facing high debt distress.

"From this perspective, the Kingdom has supported efforts to implement the Common Framework Initiative for Debt Treatment to tackle the challenges posed by debt on financial sustainability and macroeconomic stability," Al-Sayari said.

Regarding the alignment of Saudi Vision 2030 objectives with G20 goals, he affirmed that they are consistent, particularly in achieving financial stability and sustainable development by developing financial markets and mitigating risks. He added that they also include exploring international best practices to enhance financial sector stability and diversify its services and products, supporting the transition toward sustainable economies in line with national circumstances, needs, and priorities.

Moreover, he referred to advancing the fintech sector by updating regulatory frameworks and improving existing rules, as well as enhancing financial inclusion and awareness by providing individuals and businesses with access to licensed financial services and products, integrating them into the financial system, and ensuring customer protection while supervising the fairness and transparency of transactions.