Saudi Finance Minister Mohammad Al-Jadaan said that he had emphasized the need to protect supply chains from any future disruptions during his participation in the recent meeting of G20 finance ministers in Washington.
Concerns pertaining to the Covid-19 pandemic and its variants, in addition to geopolitical tensions, have increased supply chain disruptions and affected food and energy security, the minister told the attendees.
“From this point of view, I referred to the need to protect supply chains from any future disruptions, while supporting the position of the Indonesian presidency on the importance of the G20 response to the challenges of energy and food security, and the protection of the most vulnerable groups,” Al-Jadaan said.
The minister had earlier called on G20 members to support the distribution of fertilizers to farmers, and to improve communication between producers and buyers.
G20 finance officials had kicked off on Thursday a two-day meeting in Washington to tackle the global economic conditions resulting from the Russian invasion of Ukraine. Russia’s participation in the meeting raised doubts about the possibility of reaching any agreement.
On Wednesday, financial officials discussed the International Monetary Fund’s special drawing rights (SDR) for poor countries and the state of the global economy, eight months after the Russian war on Ukraine.
The IMF announced recently that the global economy has recorded a severe slowdown, reducing expectations for global growth next year and anticipating a recession in Germany and Italy.
On the other hand, the World Bank expected a new “debt crisis” for poor countries, as a result of the current increase in interest rates coupled with the sharp rise in prices.
A source at the French Ministry of Economy was quoted as saying that it might be difficult to come up with joint statements, whether during the G20 meeting, or at the IMF meetings, given Russia’s participation.
Meanwhile, Saudi Arabia is actively participating in the G20 meetings, held in Bali, Indonesia. Last September, the Kingdom called on the G20 countries to push for the expansion and adoption of digital trade globally, along with facilitating the movement of global value chains, while supporting the integration of small and medium enterprises, in addition to encouraging efforts that seek to benefit from modern technologies to promote inclusive and sustainable manufacturing.
