Arab Monetary Fund values Saudi Arabia’s ‘pioneering’ role in leading world economy

The Arab Monetary Fund (AMF) highly values the “pioneering role” played by Saudi Arabia in leading the world’s economy, said Dr. Abdulrahman al-Hamidy, director-general chairman of the board of AMF, highlighting the role of the G20 in connecting the world.

He said the Saudi Presidency of the G20 this year witnessed distinctive achievements and success in many fields.

“The Arab Monetary Fund highly values the pioneering role played by our dear homeland, the Kingdom of Saudi Arabia, for all the great successes achieved in terms of leading the world’s economy amidst exceptional conditions intertwined with challenging events of unprecedented health, economic, and social crises in modern history,” al-Hamidy said.

According to the AMF Director-General Chairman of the Board, in light of these exceptional times, the work program of the Saudi presidency of the G20 this year has been “embracive and unifying of the global efforts to shift towards stronger, more sustainable, more balanced, and more inclusive paths of a global growth.”

Additionally, he said the year of the Saudi presidency of the G20 has “culminated with success.”

The Kingdom supported cooperation between developed and developing countries, he added.

Al-Hamidy also commended what he said was one of the most prominent successes achieved by the G20 this year – its adoption of debt service suspension initiative last April.

He said the initiative would “liberate financial resources mostly needed by the poorest countries” to support their health needs to face the pandemic.”

The 20 most industrialized nations pledged in April to suspend debt service from the world’s most vulnerable countries through the end of the year as they faced a sharp economic contraction caused by the coronavirus pandemic.

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