Saudi Finance Minister Calls for Urgent Global Trade System Reforms
Saudi Finance Minister Mohammed Al-Jadaan recently stressed the critical need to accelerate reforms of the global trade system. Speaking at the third G20 Finance Ministers and Central Bank Governors Meeting in South Africa on July 17-18, Al-Jadaan highlighted that “fiscal space is shrinking at a time when financing needs are growing,” leading to increased borrowing costs and pressure on both governments and the private sector.
Al-Jadaan welcomed the G20’s insights on the Common Framework cases and related debt treatment steps, recognizing their importance in improving transparency and predictability within the global financial system. He also underscored the ongoing necessity to support nations experiencing financial difficulties or short-term liquidity issues.
During the G20 meetings, Al-Jadaan engaged in several bilateral discussions with other finance ministers. These talks focused on current global economic developments and topics of shared interest.
The G20 meeting, hosted in KwaZulu-Natal, South Africa, convened finance ministers, central bank governors, representatives from invited countries, and leaders of international and regional financial institutions.
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