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Since our last meeting, the financial stability outlook has become ever more uncertain, fueled by increased geopolitical tensions in our region. This creates higher macroeconomic uncertainty that tends to amplify the effect of prevailing macro-financial vulnerabilities, such as excessive leverage in the private and public sectors, and creates downside risks to future growth. Such risks require us to reinforce the resilience of our macro-financial system so that it can mitigate the adverse effects associated with uncertainty.

It's critical that we use the convening powers of the G20, to underscore the importance of bolstering the resilience of the global financial system, by continuing our commitment to the implementation of international financial standards, such as the Basel Reforms, while also resuming our collaboration in the development of standards in new and emerging areas.

I would also like to highlight the importance of enhancing our collaboration with different bodies such as BIS and FSB, to move forward with our ambitions in many areas such as cross-border payments, and to understand emerging areas stemming, which will allow us to effectively develop comprehensive regulatory frameworks to safeguard the stability of the global financial system.

On Financial Inclusion, Saudi Arabia supports the Brazilian Presidency's focus on advancing financial inclusion and financial well-being, aligning with our ongoing commitment to promoting inclusive financial services. Financial inclusion is about more than just access; it empowers individuals to manage their financial needs, cope with challenges, and achieve their goals, thereby ensuring equitable participation in economic growth.

We commend the G20's efforts, particularly the global partnership on financial inclusion development of a working definition of financial well-being, which is guiding countries in shaping their financial policies and measuring meaningful outcomes. The challenge of reaching underserved populations, particularly women, rural residents, and youth, remains significant.

In Saudi Arabia, we are focusing on digital financial services and innovative solutions to ensure financial inclusion is meaningful and accessible for everyone. The global partnership on financial inclusion work on last-mile access, combined with its policy recommendations, provides a strong foundation for addressing these barriers and ensuring that digital tools reach those who need them most.

Looking ahead, Saudi Arabia remains committed to advancing the G20's financial inclusion goals.

We look forward to continued collaboration under South Africa's leadership in 2025.

Thank you.