LOC09:30
06:30 GMT
RIYADH, July 9 (KUNA) -- Saudi Presidency and the Paris Forum discussed restoring sustainable flows of capital and robust financing for development, during a high-level ministerial virtual meeting on Thursday.
The meeting discussed facing international capital flows volatility, especially due to the impact of COVID-19 pandemic, according to SPA news agency.
"In response to COVID-19 pandemic, G20 countries have Implemented unprecedented fiscal, monetary and financial stability measures and ensured that international financial institutions can provide critical support to developing and low-income countries," said Saudi Minister of Finance Mohammed Al-Jadaan in a speech during the conference.
"As the crisis remains unfolding, we will coordinate with G20 member countries to promote sustainable financing for developing countries, support the return of capital flows to emerging markets and developing countries, build resilience and promote more sustainable sources of financing," he added.
On his part, French Minister of Economy and Finance Bruno Le Maire noted that "an unprecedented crisis requires extraordinary decisions." He added that "the G20 and the Paris Club took a historic step to address the COVID-19 impact by launching the Debt Service Suspension Initiative (DSSI), to the benefit of the poorest countries in particular in Africa."
The conference was co-chaired by ministers Al-Jadaan and Le Maire and was attended by finance ministers, bank governors and CEOs of financial institutions of the G20 countries. (End)
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