Forthcoming G20 summit agenda includes issues related to macroeconomics and financial control, says Al-Assaf

Dr. Ibrahim bin Abdulaziz Al-Assaf
Dr. Ibrahim bin Abdulaziz Al-Assaf

Saudi Arabia's Minister of State and Member ofthe Cabinet Dr. Ibrahim bin Abdulaziz Al-Assaf explained today that the Kingdom of Saudi Arabia is busy preparing forthe forthcoming G20 summit, scheduled to be chaired by the Kingdom in 2020,noting that the concerned authorities have held a number of high-level meetingspresided over by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz,Crown Prince, Deputy Prime Minister and Minister of Defense, Chairman of theCouncil of Economic Affairs and Development and Chairman of the PublicInvestments Fund.

This came at the closing of the 3rd InvestmentFuture Initiative 2019 which took place in Riyadh from 29 – 31 October 2019.

Al-Assaf disclosed that the agenda of summitincludes pending issues related to macroeconomics and dealing with mattersrelated to financial control and structural reforms, noting that eachpresidency of the G20 summit will include specific issues related to the hostcountry.

Among the most important issues concerning theKingdom is how to tackle the empowerment of women and youths, Al-Assaf said,noting that despite the Kingdom's short experience, it found itself successfulin these two fields, in their capacity as growth-attracting fields.

He added that the Kingdom of Saudi Arabia is adeveloping and a donor country at the same time, benefiting a number of nationsas well as a shareholder of international and regional finance foundations.

Al-Assaf described the Kingdom's economy as thebiggest in the region, playing a special role in the G20 in its capacity as adeveloping country which shares common issues with other developing countries,thus playing the role of a bridge between these two roles.

He drew the attention that the Kingdom wouldtake care, through its presidency, of the issues pertaining to developingcountries and how to help them meet the requirements of the objectives of thedevelopmental millennium which ought to be reached as per the Kingdom's vision2030 to accelerate achieving those goals.

He explained that environmental issues wouldreceive high interest of the summit in addition to sustainability and climatechange.

He highlighted the Kingdom's experience ofstoring carbon and transferring it to a environment friendly, in addition tostoring gas.

Al-Assaf said the G20 agenda will includeforests elimination and desertification as well as renewable energy, includingsolar energy and wind, citing that the Kingdom is producing desalinated waterusing solar energy.

He drew the attention to the fact that SaudiArabia is investing in electric vehicles, citing its hosting formula I andelectric formula and explaining that the Kingdom is not focusing on oil or itsresources.

He said Saudi Arabia's leaders would focus onissues related to economic safety and political stability.

Al-Assaf said everybody knows that the worldeconomy is recessing, but work with the G20 leaders could result in pushing thewheels ahead, as well as tackling the issue of poverty in the world to achievethe objective of sustainable development.

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