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Saudi Minister of Finance Participates in G20 Global Sovereign Debt Roundtable in Bengaluru
السبت - 25 فبراير 2023
Sat - 25 Feb 2023
H.E Saudi Minister of Finance Mr. Mohammed bin Abdullah Al-Jadaan participated in a global sovereign debt Roundtable, which was held in Bengalu India on Saturday, February 25, 2023, on the margins of the first meeting of Finance Ministers and Central Bank Governors under India’s G20 Presidency.
The meeting was co-organized by the Indian G20 Presidency in collaboration with the International Monetary Fund (IMF) and the World Bank Group (WBG). The meeting was attended by G20 Principal-level officials, to discuss global sovereign debt, with a view to help strengthen common understanding on issues such as diagnostics on debt vulnerabilities, identification of key bottlenecks to debt restructuring, and consensus-building on processes and technical rules or principles for efficient debt restructuring.
HE Minister Al-Jadaan highlighted the Common Framework's role as the only inclusive framework for debt restructuring, which new creditors and traditional Paris Club creditors rely upon. It has been proven effective recently in addressing the debt challenges facing the Republic of Chad.
HE Minister Al-Jadaan also highlighted the importance of opening a communication channel with credit rating agencies and private creditors in order to address sovereign borrowers’ concerns about the potential for rating downgrades if they apply for debt relief under the Common Framework. He praised capacity development efforts by the IMF and WBG, and urged them to intensify those efforts in light of increasing debt risks facing many states. He also stressed the importance of listening to regional multilateral development banks and regional financial institutions, given their pivotal role in alleviating the debt challenges of many nations in need.
During the meeting, HE Minister Al-Jadaan emphasized the importance of further institutionalizing the Common Framework, and of exploring ways to enhance multilateral development banks’ role in assisting countries experiencing debt vulnerabilities, in addition to the important role that the private sector should play.
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