At the scenic Italian locale of Stresa, Saudi Arabia’s Finance Minister, Mohammed bin Abdullah Al-Jadaan, took part in the G7 Finance Ministers and Central Bank Governors’ third assembly. The conference spanned from the 23rd to the 25th of May, 2024, and was chaired by Italy.
Minister Al-Jadaan actively participated in four critical dialogue sessions, which delved into the current state of the global economy. One session, titled “Artificial Intelligence and Development: Challenges and Opportunities”, was a platform for him to highlight Saudi Arabia’s influential strides in technology, particularly in AI, as a catalyst for worldwide inclusive growth and sustainable progress.
Addressing the financial needs of impoverished nations, he proposed a multi-dimensional approach
to manage debt, which he believes will unlock fiscal capacity, bolster economic resilience, and facilitate strides towards achieving sustainable development goals.
The kingdom’s representative also turned his attention to Africa in a session focusing on development initiatives, where he underscored the continent’s immense potential, fueled by its resourceful lands and youthful, ambitious population.
In discussions on “Cross-Border Payments”, Al-Jadaan recalled the milestones achieved under Saudi Arabia’s G20 presidency in 2020, including the adoption of a detailed action plan that paved the way for the formation of the Cross-Border Payments Coordination Group. He stressed the critical need to continue bolstering efforts in enhancing global payment systems.
Alongside the formal sessions, the minister engaged in bilateral talks with various global leaders and economic ministers. These sideline meetings were pivotal in exploring vital economic and financial issues and fostering collaborative relationships.