Al-Ibrahim: Kingdom an economic power that supports strategic partnerships

Al-Ibrahim: Kingdom an economic power that supports strategic partnerships

The Minister of Economy and Planning Faisal Bin Fadel Al-Ibrahim has affirmed that Saudi Arabia is one of the most important economic powers in the world and contributes to achieving sustainable economic growth, protecting the global economy to confront climate change and empowering people to shape promising future prospects.

In a statement to the Saudi Press Agency (SPA) on the occasion of the Kingdom's participation in the G20 Leaders' Summit in Italy, he said, "The Kingdom continues its pioneering role in expanding international cooperation and supporting strategic partnerships in a way that increases communication and activates the exchange of ideas and experiences because of its importance in drawing up policies that aim to develop effective solutions to the challenges facing the world.

"These have a direct impact on achieving the Kingdom's goals represented in Vision 2030 and enhancing its competitive capabilities."

Al-Ibrahim addressed the ministry's role in the work of the Development Working Group under the Italian Presidency, indicating that the ministry participated in the negotiations and conducted dialogue sessions as a member of the Troika, and completed work on the recommendations and initiatives emanating from the Kingdom's presidency in 2020.

The outputs of the Development Working Group focused on the potential of Innovative financing instruments such as blended finance mechanisms, investment guarantees, sustainable development goals, green bonds, and support for the implementation of integrated national finance frameworks (INFFs).

He noted that the work of the group highlighted the importance of cooperation between the Development Working Group and the financial track to drive sustainable development financing, based on what It was presented from works under the presidency of the Kingdom and previous presidencies, indicating that this year the Development Working Group discussed the communication between urban and rural areas and the role of intermediate cities as key actors for sustainable development and the localization of sustainable development goals.

The minister added that the Development Working Group worked to assess the roles of these actors in responding to the epidemic and addressing weaknesses to ensure a more sustainable and inclusive recovery, noting that the group also paid attention to the role of cities, the chief mediator in alleviation of poverty by strengthening rural-urban linkages, enabling rural families to diversify their sources of income, and being important as service delivery centers and the absorption of export processing areas, and as strategic locations for the development of agricultural value chains.

It is noteworthy that the minister participated in a joint ministerial meeting of foreign and development ministers within the Italian presidency of G20. The meeting focused on sustainable development goals, strengthening efforts to achieve global food security, obtaining the necessary political support to take concrete measures to confront the food crises arising from the Coronavirus pandemic, and the measures that the Group will take to support trade and investment in the world.

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