1999 News Story

Finance minister at Group of Twenty meeting in Berlin

Minister of Finance and National Economy Dr. Ibrahim Bin Abdulaziz Al-Assaf left today for Berlin to take part in the meeting of the Group of Twenty.  In a statement prior to his departure, he said the Kingdom's membership in the group means recognition of the importance of the Saudi economy and its effective contribution at the international level. He said the Kingdom would advocate the interests of sister countries and friendly developing economies as well as its own, explaining that the meeting would try to build a consensus on defining the challenges facing the world economy and launch a dialogue on ways to confront these challenges. The meeting, he said, would focus on exploring the role of the group in the international financial system, its relations with international financial institutions such as the World Bank Group and the International Monetary Fund, and the optimum way to realize its goals and avoid duplication of effort. The meeting will also discuss ways of dealing with evolving financial crises. In addition to the countries recognized as industrialized, the group also comprises Saudi Arabia, Argentina, Brazil, China, Australia, India, Mexico, Russia, Indonesia, South Africa, South Korea, and Turkey.