The G20International Financial Architecture Working Group (IFA WG) sought to addresschallenges around domestic capital markets at their first meeting under the SaudiG20 presidency.
A day prior to the meeting, the Saudi G20 Presidency hosted a high-levelconference on domestic capital markets developmen that brought together G20delegates, policymakers, capital market regulators, subject-matter experts, andrepresentatives from international organizations and leading financialinstitutions.
"We aim to explore new frontiers to enhance efficiency and reduce funding gapsin emerging and developing countries while strengthening financial resilience",said Mohammed Elkuwaiz, chairman of the Capital Market Authority of SaudiArabia during his opening remarks on behalf of Mohammed Aljadaan, SaudiMinister of Finance.
He also highlighted that "Our vision is to see business owners thrive, aspiringgovernments develop, and ambitious entrepreneurs grow."
Speakers at the conference included Ahmed Alkholifey, governor of the SaudiArabian Monetary Authority (SAMA); Abdulrahman Al-Hamidy, chairman of theArab Monetary Fund (AMF); Toshinori Doi, director of the ASEAN+3 MacroeconomicResearch Office (AMRO); Mohammed Elkuwaiz, chairman of the Capital MarketAuthority of Saudi Arabia; Sarah Al-Suhaimi, chairwoman of the Saudi StockExchange (Tadawul); Nandini Sukumar, CEO of the World Federation of Exchanges,and Vikram Limaye, managing director and CEO of National Stock Exchange ofIndia among other high-profile speakers from the public and private sectors.
Participants at the conference discussed a variety of topics, including therole of resilient capital markets in supporting economic growth and mitigatingthe risks of excessive capital flow volatility and the risks to financialstability.
The conference also outlined the opportunities and challenges of privatization,developing local currency debt market, facilitating access to capital marketsand corporate governance.
The IFA WG's first official meeting of 2020 was then able to consider keytakeaways from the conference and issues related to development finance,capital flows and debt sustainability.
