October 2019, Washington, USA:
His Excellency Mohammed bin Abdullah Al-Jada'an Minister of Finance heads the Kingdom's delegation in the Annual Meetings of the Board of Governors of International Monetary Fund and World Bank and G20 Finance Ministers and Central Bank Governors' meetings held during the period 17-20 October 2019.
Members of the delegation comprises of H.E. Dr. Ahmed Abdulkarim Alkholifey, SAMA Governor, H.E. Eng. Yousef Al-Bassam, advisor to Saudi Fund for Development, Dr. Khalid Bin Sulaiman Al Khudairi, Vice Chairman and Managing Director of Saudi Fund for Development, Mr. Abdulaziz M. Alrasheed, Assistant Minister for International Financial Affairs & Macro Fiscal Policies at Ministry of Finance, Dr. Fahad Alshathri, SAMA Deputy Governor for Supervision, and Mr. Turki al-Mutairi, SAMA Deputy Governor for Research and International Affairs.
Governors of the IMF will discuss during the meeting of International Monetary and Financial Committee, the latest developments and challenges of the global economy. It is worthwhile to mention that IMF expects that global economic growth would witness a synchronized slowdown this year, compared to the last year, in around 90% of economies worldwide, and this is due to increased trade trade tensions, policy uncertainty, and geopolitical risks.
At the World Bank Group's Development Committee, Central Bank Governors will discuss the 2020 World Development Report, and progress made in Human Capital Project launched by World Bank Group in 2018, in addition to economic transformation to find job opportunities.
During the G20 Finance Ministers and Central Bank Governors' meeting, members discussed the latest development of global economy, with a focus on ways to promote global economic growth and work on international tax issues, including digitalization.
This is the last meeting of Ministers of Finance and Central Bank Governors under Japan's G20 Presidency, and given that KSA will preside G20 in December 2019, H.E Minister of Finance, Mohammed bin Abdullah Al-Jada'an spoke during the meeting about KSA Priorities at the session "Presidency of G20 in 2020" and highlighted the work program of the G20 Financial Track under KSA Presidency. H.E. pointed out during the session that KSA would seek to promote efforts and further enhance global cooperation to confront challenges facing the global economy in order to achieve a strong, sustainable, balanced, and inclusive growth. H.E. MOF concluded the session by confirming that 2020 G20 Riyadh Summit would seek to promote G20 role as key forum for international economic cooperation for the benefit of all.