G-20 to discuss meltdown fallout

Riyadh: In an effort to explain the role of the Gulf states with special referance to the global economic downturn, Saudi Arabia has announced it will participate in a high-profile meeting of G-20 finance ministers and central bank governors due to be held in London tomorrow. The Saudi delegation to the meeting, which has the sole objectives to take corrective measures for ailing world economy, will be led by Minister of Finance Ibrahim Al- Assaf.

“The delegation will also have, among others, Muhammad Al- Jasser, the newly-appointed governor of the Saudi Arabian Monetary (SAMA),” said a statement released by Ministry here yesterday.

“During the G-20 meeting, the conferees will thrash out international efforts to address the fallout of the current global financial crisis by means of shoring up the role of international financial institutions.”

Referring to the agenda of the meeting, a source at the Finance Ministry said that the ministers of 20 of the world’s largest economies would work out plans for robust fiscal stimulus against the global banking crisis.They will also address issues of advocating early reform of international financial regulations, while they will also undertake the project to map out a future plan that will be presented to G-20 heads of states for perusal.

Since the last G-20 meeting on the crisis in Washington in November, he said, the prospects for the world economy had darkened. The whole world will be watching the outcome of the meeting of the G-20 finaance ministers. The gathering of G-20 finance ministers will also set the stage for an April 2 meeting of the countries’ leaders in London.

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