G-20: KSA to outline economic priorities

g20 Presentation

Saudi Arabia will outline its policies for global growth, fewer trade barriers and a stable oil market at the G-20 summit here in Brisbane, Australia, said Finance Minister Ibrahim Al-Assaf.

He said the presence of Crown Prince Salman, deputy premier and minister of defense, on behalf of Custodian of the Two Holy Mosques King Abdullah, is proof that the Kingdom intends to play a positive and leading role at the summit.

He said the meeting is important because it brings together countries representing 85 percent of the world’s gross domestic product (GDP), 75 percent of world trade and two-thirds of the planet’s population.

In a statement issued to the Saudi Press Agency on Friday, on the eve of the summit, Al-Assaf said that the Kingdom’s participation in preparatory meetings would enable the country’s leaders to express their views on key global issues. They would also ensure that the nation’s interests are protected.

Al-Assaf said the Kingdom has formulated a strategy for global growth and would outline steps taken by Saudi Arabia to develop its own economy, including structural reforms and measures for boosting nonoil sectors.

He said the Saudi government would outline its priorities, which include its massive spending on infrastructure and education, job creation initiatives and measures taken to diversify the country’s economy.

Al-Assaf said that the G-20 heads of state would look at several critical challenges facing the world economy, including how to deal with various financial crises, achieve its stated target of adding 2 percent growth by 2018, boost trade and investment flows, and create more jobs.

There would also be a focus on implementing the International Monetary Fund’s reforms, ensure a more transparent world taxation system, and how to help nations start saving funds.

Al-Assaf said the world leaders would discuss progress made in developing a set of rigorous financial regulations with flexibility built in for member nations.

There would also be special attention placed on discussions around energy policy, including how to rationalize consumption and ensure oil supply at reasonable prices to developing countries.

The summit would look at ways to strengthen the role of the World Trade Organization, implementation of the world trade facilitation agreement, and preventing countries from instituting protective policies that would hamper free trade.

The meeting would also discuss greater investment in basic infrastructure with the participation of the private and public sectors, and encourage the growth of small and medium enterprises to create more jobs.

Al-Assaf said that the G-20 leaders would discuss steps to contain the Ebola disease and help those countries affected by the epidemic.

 
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