His Excellency the Governor of the Saudi Central Bank (SAMA), Mr. Ayman Al-Sayari, emphasized the Kingdom's crucial role in sustaining the global economic recovery and maintaining financial stability in a bid to achieve the G20 Summit goals by promoting multilateralism in international economic and financial cooperation.

In a statement issued to the Saudi Press Agency (SPA) on the occasion of the Kingdom's participation in the G20 Leaders' Summit 2023 held in India, Al-Sayari stated that: “The participation of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, in the G20 Leaders' Summit hosted by India reinforces the Kingdom's position among the G20 countries as a proactive and influential member in supporting international efforts to achieve global economic stability."

Governor Al-Sayari also emphasized that the Kingdom, as the sole Arab member of the G20, consistently seeks to serve its national interests, sovereignty, and regional interests, as well as the interests of Arab and Islamic countries, through its participation in the group. Al-Sayari also highlighted the Kingdom's role as the President of the G20 Summit in 2020, noting that during its presidency, the Kingdom supported the global economic recovery, promoted financial inclusion, maintained financial stability, mitigated negative economic impacts, and assisted the poorest countries in addressing the consequences of the COVID-19 pandemic.

Furthermore, Al-Sayari pointed out that SAMA underlined the Kingdom's active participation in the financial track of the G20 Summit 2023, being held in India. SAMA along with the Minister of Finance (MOF) participated in three meetings of the finance ministers and central bank governors. Moreover, SAMA in collaboration with the host country and other G20 members discussed financial matters, including central bank issues, financial sector regulations, global financial inclusion, and sustainable finance. SAMA experts also actively engaged in various committees and working groups for a thorough discussion of these topics before presenting them for consideration at the finance ministers and central bank governor-level meetings.

Among the most pressing economic issues being addressed by G20 member countries, Al-Sayari highlighted the current challenge of slowing global economic growth compared to historical levels, high inflation rates, rising global debt levels, and divergence in economic policies among nations. G20 countries are also discussing global reports issued by international standard-setting organizations and bodies that propose economic solutions to mitigate these challenges by coordinating efforts between monetary and fiscal authorities.

Al-Sayari highlighted the strong alignment between the goals of Saudi Vision 2030 and the objectives of the G20. This is particularly evident in the areas of financial stability, sustainable development, and financial inclusion. SAMA is taking a number of concrete steps to achieve this alignment, such as developing financial markets, reducing risk, exploring international best practices to enhance sector stability, supporting the diversification of financial services and products, and transitioning towards sustainable economies. These efforts are tailored to Saudi Arabia's national circumstances, needs, and priorities. In addition, SAMA is working to develop FinTechs by updating regulatory frameworks and enhancing existing regulations. SAMA is also focused on increasing financial inclusion and literacy by enabling individuals and entities to access licensed financial services and products, and integrating them into the financial system to ensure customer protection, fairness in supervision and transparency of transactions.