Saudi Arabia plays key role in global economic recovery, ensuring stability: Alsayari

Ayman Al-Sayari, Governor of Saudi Central Bank (SAMA)

Saudi Arabia plays a pivotal role in driving global economic recovery and maintaining financial stability, said Ayman Alsayari, Governor of the Saudi Central Bank (SAMA).

In remarks to the Saudi Press Agency (SPA), Alsayari highlighted Saudi Arabia's active engagement in addressing key issues under Brazil's presidency of the G20 Summit.

These include achieving the summit’s objectives and enhancing multilateral cooperation to address global economic challenges, such as slowing growth and rising global debt levels.

As the only Arab nation in the G20, Saudi Arabia aims to leverage its participation to advance its interests and promote global economic stability, particularly benefiting regional economies, Alsayari noted.

The governor emphasized that the current summit builds on the substantial efforts made during Saudi Arabia's presidency of the G20 in 2020. At that time, the Kingdom focused on supporting global economic recovery, enhancing financial inclusion, maintaining financial stability, and assisting low-income countries in mitigating the impact of the COVID-19 pandemic.

Alsayari pointed out that the G20 countries are working to tackle pressing economic challenges, including global economic slowdown, high inflation rates, increasing global debt levels, and divergences in economic policies among nations.

He also underscored that Saudi Arabia’s Vision 2030 aligns closely with the G20's goals, particularly in fostering financial stability and sustainable development. This alignment is evident in initiatives such as developing financial markets, mitigating risks, and adopting international best practices to strengthen financial sector stability.

These efforts also support the diversification of financial services and products, helping transition to sustainable economies in line with national priorities and needs.

Additionally, Alsayari highlighted advancements in the fintech sector, driven by updated regulatory frameworks and improved policies. He also emphasized ongoing efforts to enhance financial inclusion and awareness by ensuring individuals and businesses have access to licensed financial services and products.

This includes integrating them into the financial system, ensuring consumer protection, and supervising transparent and equitable practices.