Finance leaders from the Group of Twenty (G20) countries on Friday reaffirmed a commitment that advanced countries will develop fiscal strategies by September to ensure the sustainability of their budgets. Dr. Ibrahim Al-Assaf, Minister of Finance, led the Kingdom of Saudi Arabia's delegation to the meeting with participation of Dr. Fahd bin Abdullah Al-Mubarak, Governor of Saudi Arabian Monetary Agency (SAMA), and Eng. Yousef Al-Bassam, representative of the Saudi Development Fund. They also pledged to pursue further actions to support a disappointingly weak global recovery and reaffirmed their commitment to avoid using their currencies as an economic weapon to gain unfair advantages in foreign trade. “Fiscal sustainability in advanced economies remains essential," G20 finance ministers and central-bank chiefs said in a joint statement following two days of talks in Washington ahead of the annual spring meetings of the International Monetary Fund (IMF) and World Bank. “Advanced economies will develop medium-term fiscal strategies by the time of the Saint Petersburg summit" scheduled for September in Russia, the statement said, echoing language used following the previous meeting of G20 ministers in February.
