Saudi G20 presidency joins UN assembly on growth financing amid COVID-19 pandemic

DUBAI: Saudi G20 presidency, represented by the Kingdom’s minister of finance, joined the UN assembly titled “Financing for Development in the Era of COVID-19 and Beyond,” state information company SPA reported.
Heads of states and worldwide organizations, representatives from NGOs and the personal sector mentioned six subjects primarily, world liquidity and monetary stability, debt vulnerability, personal sector collectors engagement, exterior finance and remittances for inclusive development, illicit monetary flows and recovering higher for sustainability and development.
“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 stated throughout the assembly.
The minister highlighted the G20’s response to the challenges within the well being, financial 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 assembly 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 is able to assist overcome challenges within the six areas talked about earlier, which will likely be introduced throughout a political discussion board in July and on the General Assembly in September, SPA added.
Meanwhile, the G20 International Financial Architecture (IFA) working group held a unprecedented assembly to evaluate the Debt Service Suspension Initiative (DSSI).
The initiative, which may present round $14 billion in rapid and important liquidity reduction via official bilateral collectors for the poorest nations, acquired 36 functions throughout 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 stated.
Experts from the International Monetary Fund, World Bank, Institute of International Finance, Paris Club Secretariat and varied regional growth banks joined the assembly.
The group will host one other extraordinary assembly on June 23 to additional look at the DSSI implementation efforts, forward of the Finance Ministers and Central Bank Governors assembly in July.

Who Joined this Meeting?

  • Heads of states and worldwide organizations, representatives from NGOs and the personal sector joined the UN assembly
  • The G20 International Financial Architecture (IFA) working group additionally held this assembly

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