Saudi FM calls Indian, Pakistani counterparts to discuss developments    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Arabia cracks down on fraudulent Hajj campaigns, urges pilgrims to use official channels    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    Literature Commission inaugurates Saudi Pavilion at Muscat Book Fair    Saudi Minister of Culture holds talks with his Costa Rican counterpart in Jeddah    Alkhorayef praises advancements in Al-Kharj food industries sector    MHRSD: 80% of recruitment offices are non-compliant with regulations    At least 50 Palestinians killed in Israeli strikes across Gaza    Teenage girl killed in French school stabbing attack    Trump claims meeting with China after Beijing denies any trade negotiations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Saudi G20 Presidency and the Paris Forum concluded a High-Level Conference on Restoring Sustainable Flows of Capital and Robust Financing for Development
Published in Saudi Press Agency on 08 - 07 - 2020

The Saudi G20 Presidency and the Paris Forum concluded today a high-level ministerial virtual conference. The conference discussed challenges around international capital flows volatility – as exacerbated in emerging market economies by the unprecedented COVID-19 crisis - and possible policy responses to help restoring sustainable flows of capital and mobilizing robust financing for development.
The conference was co-chaired by Mr. Mohammed Aljadaan, Minister of Finance of the Kingdom of Saudi Arabia, and Mr. Bruno Le Maire, Minister of Economy and Finance of France. The conference brought together Finance Ministers and Central Bank Governors, heads of International Financial Institutions (IFIs), chief executives of private financial institutions and prominent scholars.
In response to the unprecedented health and economic crisis presented by the COVID-19 pandemic, governments and central banks around the world have taken exceptional measures, including unprecedented fiscal, monetary and financial-stability measures. Additionally, the launch of the historic Debt Service Suspension Initiative (DSSI) could provide around $14 billion in immediate and critical liquidity relief by official bilateral creditors alone for the poorest nations in 2020, as estimated by the World Bank Group.
This global response is delivering results; however, the situation remains challenging. Capital outflows from many emerging and developing countries have reached unprecedented levels, and their ability to draw upon an international pool of capital in a robust manner has been called into question. In this context, related to financial resilience, debt sustainability considering progress on Debt Service Suspension Initiative as well as on development finance agenda amid the COVID-19 pandemic.
Speaking at the event, Mohammed Aljadaan, Saudi Minister of Finance, said "In response to COVID-19 pandemic, G20 countries have implemented unprecedented fiscal, monetary and financial stability measures and ensured that international financial institutions can provide critical support to developing and low-income countries. As the crisis remains unfolding, we will coordinate with G20 member countries to promote sustainable financing for developing countries, support the
return of capital flows to emerging markets and developing countries, build resilience and promote more sustainable sources of financing."
Bruno Le Maire, Minister of Economy and Finance of France, said, "An unprecedented crisis requires extraordinary decisions. The G20 and the Paris Club took a historic step to address the COVID-19 impact by launching the "Debt Service Suspension Initiative" (DSSI) to the benefit of the poorest countries, in particular in Africa. We need to continue working together to ensure its successful implementation. In the next steps, we also need the right tools to support countries suffering from capital outflows. We cannot let this crisis destroy years of efforts to attract investors and support growth".
The conference fostered in-depth discussions on key issues through three parallel breakout sessions. The first session, "Sustainable Financing for African Development," included conversations on the DSSI and explored ways to restore market access for African countries, increase international private flows and support the African private sector, especially SMEs.
The second session, "Policy Options to Tackle the Current Situation and Support the Return of Capital Flows to Emerging Economies," focused on the outlook for capital flows, exploring tools that can be mobilized to mitigate capital outflow risks, and the role of the IMF in long-term financing. Speaking at the session, Ahmed AlKholiefy, Governor of the Saudi Arabian Monetary Authority emphasized that "Restoring flows of capital is essential to upholding the stability of the global financial system. We are working with G20 countries to better understand the drivers of these volatilities and discuss policy responses to mitigate them."
The third session, "Building Further Resilience and More Sustainable Sources of Financing for the Future," explored ways to improve emerging and developing countries' resilience, including through domestic capital markets development, while considering the immediate and medium-term trade-offs between different policies as well as the role of international cooperation.
The conference's outcomes will feed into the discussion of the G20 Finance Ministers and Central Bank Governors' meeting to be held virtually on July 18, 2020, under the Saudi G20 Presidency.
Further information about the G20, including the Presidency Agenda and full program of events, can be found at www.g20.org .


Clic here to read the story from its source.