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Minister of Finance Participates in Global Sovereign Debt Roundtable

Riyadh, Minister of Finance Mohammed bin Abdullah Al-Jadaan has participated in the Global Sovereign Debt Roundtable, which was held in Bengaluru, India, to discuss the issue of international sovereign debts as part of the first meeting of finance ministers and central bank governors of the G20, presided over by India.

During the meeting, Al-Jadaan explained that the joint action plan is considered the sole and comprehensive framework for new creditors and the ''Paris Club” conventional creditors relying on restructuring debts, which has proved efficiency in the initiative to resolve the Chad Republic’s debts.

The minister commended the efforts of the World Bank and the International Monetary Fund in the field of capacity building, calling for more intensified efforts in light of the risks posed by the increasing debts of several countries.

He also stressed the importance of involving multi-sides banks and regional financial institutions in collective efforts to address sovereign debts, citing their pivotal role in mitigating the debt risks.

Al-Jadaan also underlined the need to institutionalize the joint framework and look into ways to enhance the role of multi-sides development banks in dealing with debt risks for needy countries, highlighting the role of the private sector in this regard.

Source: Saudi Press Agency