The Custodian of the Two Holy Mosques, King Abdullah Ibn Abdulaziz Al Saud highlighted the success of G20 Summit in its response to the global financial crisis, including the measures taken to make the world avoid falling into recession; but the fragile global economic conditions prompted the postponement of the announcement of success. "It is important that global growth should be stronger and more balanced and sustainable through the adoption of coordinated actions by the countries of the Group and simultaneously taking into account the needs and circumstances of each country," the King said. Addressing G20 Summit in Toronto, Canada on Sunday evening, the King expressed his thanks to the Canadian government for its efforts in preparation and organization of the Summit, affirming the importance of this meeting, which comes after Pittsburgh meeting in which a decision was made that this group is the major forum for international economic cooperation. This decision comes in line with developments on the world economy map, and in response to the need for a more representative group of the economies of developed and developing countries alike. On the financial systems, the King emphasized the importance of their reform for avoiding the world economy with similar crises in the future, noting that the application of strong supervisory and control systems is considered more appropriate alternative than the imposition of taxes on financial institutions. The King noted that the ability of the financial system in Saudi Arabia has been strengthened in its withstanding over the past years - thanks to strict procedures and proactive controls. "The banking system has maintained safety of its conditions, levels of profitability and high capitals even in the wake of recent global crisis," the King said. --More
