G20 Saudi Arabia Newsletter

May 2020

The Saudi G20 Presidency joined the United Nations in Discussing Solutions to Advance Financing for Development in The Era of COVID-19 and BeyondMay 28, 2020, Virtual EventThe Saudi G20 Presidency, represented by the Saudi Finance Minister, joined the United Nations Secretary General and the Co-Chairs of the Group of Friends of Financing the Sustainable Development Goals (Canada and Jamaica) for a High-Level UN Event on “Financing for Development in the Era of COVID-19 and Beyond”.Press release

The event discussed six pressing issues to enable major outcomes on enhanced support in this unprecedented emergency response and recovery:

Global liquidityand financial stability

External finance and remittance for inclusive growth

Debt vulnerability fordeveloping countries

Fiscal space expansion and domestic resource mobilization

Private sector creditors engagement

Recovering better forsustainability and inclusion

G20 TechSprint Hackathon registrationand proposal submission now closedMay 27, 2020Registration for the G20 TechSprint Hackathoon has now closed.

The G20 Saudi Presidency and Bank for International Settlements Innovation Hub launched the #G20TechSprint initiative and invited global innovators to find solutions to the most pressing financial regulatory and supervisory challenges, including by supporting responses to COVID-19. Cash prizes will be awarded by the Saudi G20 Presidency. Learn more about the Hackathon by visiting the officialG20 TechSprint Website

What is the G20 TechSprint Hackathon?

Coronavirus Global Response: Saudi Arabia welcomes the next phase of the response efforts May 28, 2020Saudi Arabia welcomed the launch of the next step in the Coronavirus Global Response campaign. The pledging marathon that started on 4 May will now see the launch of a new campaign with the international advocacy organization Global Citizen, “Global Goal: Unite For Our Future”, that will culminate in a Global Pledging Summit on Saturday 27 June.

Saudi Arabia joins Coronavirus Global Response Pledging EventMay 4, 2020The Kingdom of Saudi Arabia co-lead the Global Response Pledging event on May 4 along with the European Union, Canada, France, Germany, Italy, Japan, Norway, Spain and the United Kingdom. Saudi Arabia welcomed the global call to action to fund a universally available and affordable COVID-19 vaccination, treatment and diagnostics.Press release

G20 following-up on the implementation of the G20 Debt Service Suspension Initiative (DSSI)May 28, 2020, Virtual MeetingAn extraordinary meeting of the G20 International Financial Architecture Working Group was held under the Saudi G20 Presidency to discuss and assess the applications for suspension of debt service payments. The Debt Service Suspension Initiative (DSSI) has received 36 applications in the first month of implementation. The initiative could provide around $14billion in immediate and critical liquidity relief by official bilateral creditors alone for the poorest nations in 2020.Press release

G20/OECD Taskforce Concludes Meeting onLong-term InvestmentMay 20, 2020, Virtual MeetingThe G20/OECD Taskforce on Long-term Investment held a virtual meeting to discuss the G20/OECD Collaboration with Institutional Investors and Asset Managers to promote infrastructure investment and address the infrastructure financing gap which has grown even wider in the wake of the COVID-19 pandemic. The Saudi G20 Infrastructure Working Group reaffirms the priority of collaborating with Asset Managers and Institutional Investors in the wake of the COVID-19 pandemic.Press release

"Alongside the BIS Innovation Hub, we look to the global fintech community to help mobilize effective solutions to pressing financial regulatory and supervisory challenges, including by supporting regulatory and supervisory responses against the COVID-19 pandemic"Governor of the Saudi Arabian MonetaryAuthority Ahmed Alkholifey

G20 Extraordinary Trade and Investment Ministers’ Virtual MeetingMay 13, 2020Ministers endorsed the G20 Actions to Support World Trade and Investment through the COVID-19 Pandemic with the aim to alleviate the impact of the pandemic in the short run; support the reform of the multilateral trading system; build resilience in global supply chains; and strengthen international investments over the long run.Statement

First G20 Water Deputies Virtual MeetingMay 13, 2020The Saudi G20 Presidency held the first Water Deputies Meeting where members discussed sustainable and resilient water management, promoting an enabling environment for water investment, and promoting technological innovation for water management, while recognizing the importance of access to safe, clean water during the COVID-19 pandemic.Press release

G20 Digital Economy Taskforce Virtual WorkshopMay 5, 2020Members discussed the G20 Roadmap Toward a Common Framework for Measuring the Digital Economy. They reviewed and discussed a suite of fundamental indicators for joint adoption and monitoring of trends in jobs, skills, and growth in the digital economy, aiming to measure these areas as well as the effects on them. Press release

May 3, 2020: The Covid-19 pandemic is an unprecedented human tragedy, disrupting millions of lives. Nations have been pushed to shut their borders and impose lockdowns, and we are faced with extraordinary uncertainty about the depth and duration of this global crisis. The G20 was established precisely to develop collective action in such circumstances. These countries’ leaders have agreed to inject an unprecedented $7tn — the largest ever stimulus — into the global economy with targeted fiscal economic measures and guarantees.Read more

Engaging with G20 working groups

Engagement Groups play an important role in the G20 policy making process.

Engagement Groups have participated in a range of working group, ministerial and official meetings.

During the meetings, the Engagement Groups have presented their independent policy view on multiple topics.

In the months of April and May, The Engagement Group Representatives have attended eight meetings.

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The Saudi G20 Presidency is hosting more than 100 meetings throughout 2020. Click Here to view the Host Year Calendar.