An exceptional presidency .. Saudi Arabia is distinguished in leading the...

Saudi Arabia assumed the presidency of the G20 this year 2020 at a time when a major transformation is occurring in the global landscape as a result of social, environmental, technical and demographic changes.
Cooperation and international collective action have always been the most prominent feature of the G20, as Saudi Arabia has shown excellence in its leadership of the group’s work during its presidency of the Group of Twenty this year, in the most challenging and tested circumstances represented by the Covid-19 pandemic that has struck the whole world.
In the financial track of the Group of Twenty in particular, the Kingdom was able to lead an ambitious program of action during the meetings of finance ministers and central bank governors, headed by Mohammed Al-Jadaan, Minister of Finance, and Dr. Ahmed Al-Khulaifi, Governor of the Saudi Arabian Monetary Agency (SAMA), to coordinate strong, broad-based and coordinated emergency responses – on Levels unprecedented in the history of the G20, especially in the midst of the outbreak of the Coronavirus pandemic, which caused a shock that affected the global economy, whose consequences were matched by the consequences of the global financial crisis in 2008.
The G20 member states have so far pumped more than $ 11 trillion into the global economy during the Kingdom’s presidency of the group, which is the largest financial support recorded so far, and four times more than what was provided during the financial crisis.
The G20 finance ministers and central bank governors, during their meeting in April, also approved the G20 action plan to support the global economy during the Coronavirus pandemic. The action plan provides a set of comprehensive commitments aimed at responding to the effects of the pandemic, advancing international economic cooperation, protecting the global economy and ultimately restoring strong, sustainable, balanced and comprehensive global economic growth.
Moreover, the G20 launched, in a historic step, an initiative to suspend debt service payments in which official bilateral creditors agreed to reduce the debt burden on the poorest countries, by granting them immediate, urgent liquidity that enables these countries to address the effects of the Covid-19 pandemic.
It is estimated that within the initiative, 14 billion dollars will be provided to 73 authorized countries, and this is only in the year 2020 alone, which will enable them to strengthen their efforts to combat the pandemic and its social and economic consequences, as the finance ministers and central bank governors of the G20 agreed on October 14. (October) 2020 to extend the initiative to suspend debt service payments for an additional period of six months, until the Spring Meetings of the International Monetary Fund and the World Bank Group for the year 2021, while studying the economic and financial situation for identification if the need arises to extend the initiative for an additional period of six months.
On the health side, the finance and health ministers of the Group of Twenty agreed together to work together to accelerate, develop, and distribute research related to diagnostic tools, treatments and vaccines for the Coronavirus pandemic, with the aim of supporting equitable and affordable access to everyone, which is an essential factor in overcoming the pandemic and supporting economic recovery. Global. This will be done through the ACT-A Initiative, the Global Access to Covid-19 Vaccines Facility, the COVAX Facility, and the voluntary licensing of intellectual property rights.
The Group of Twenty has also worked, through meetings of finance ministers and central bank governors, with international financial institutions to provide a strong and fast financial response to countries in need, as the International Monetary Fund has implemented since April 2020 a comprehensive support package for developing countries, as the Fund provided financing An emergency of 101 billion US dollars for about 81 developing countries.
The multilateral development banks have also raised their collective commitments to developing countries and low-income countries to about $ 230 billion, which are allocated to address the health, economic and social repercussions of the pandemic.
As the G20 chairs this year, Saudi Arabia has a prominent role to play in reminding the need for international solidarity and cooperation in addressing the effects of this pandemic, in addition to any similar future global challenges. The upcoming Riyadh summit on November 21-22 will build on the success of the extraordinary virtual summit of leaders The Group of Twenty, which was held last March, when the leaders of the G20 declared their commitment to a strong, coordinated and rapid response to the epidemic and to address any gaps in international coordination and cooperation.
The upcoming G20 leaders summit will focus on protecting lives and restoring economic growth, by addressing the weaknesses in the global economy and health, which emerged during the epidemic, and laying the foundations for a better future. The summit will also focus on strengthening international action to seize the opportunities of the 21st century for all, through empowering People and the protection of the planet, while harnessing the potential of innovation to forge new frontiers.