Saudi Finance Minister Welcomes G20 Debt Service Suspension Initiative

Saudi Finance Minister Mohammed al-Jadaan on Sunday welcomed the G20’s approval of a plan to extend the freeze on debt service payments by the poorest countries until mid-2021.

Jadaan and Saudi Arabia’s G20 Sherpa Fahad Al-Mubarak held the G20 Presidency press conference on the last day of the G20 summit in Riyadh.

Jadaan praised the Debt Service Suspension Initiative, stressing that it was a great achievement.

He noted that the deal to extend the debt initiative will run until June 2021, adding that it will help poor countries in the short to medium term.

He also said that without the intervention of the G20, millions of jobs would have been lost this year.

For his part, Al-Mubarak said that Riyadh’s initiative to reform the World Trade Organization is one of the most important achievements of the G20 this year.

He pointed out that G20 finance ministers have met three times this year in which they set out key principles to review the foundations of world trade.

The two officials expressed their complete satisfaction with the Saudi presidency of the G20.

Jadaan concluded his remarks by thanking every member and working group behind the G20 Summit.

“I would like to thank with all my heart every member of the G20, every minister and every working group,” said Jadaan.

“I am very proud, extremely proud,” he concluded.

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