King Abdullah addresses G-20 Summit
June 28, 2010
The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz delivered an address to the Group of Twenty (G-20) Economic Summit in Toronto, Canada today, during which he called for continued cooperation regarding global financial reform, the liberalization of international trade, and increased economic aid for developing nations.
The King pointed to the Saudi economy as an example to be emulated, crediting wise monetary and financial policies and strict oversight for the Kingdom’s ability to weather the global financial storm. He noted that Saudi Arabia has enacted a $400 billion stimulus program – the largest such program of any G-20 state when measured as a percentage of Gross Domestic Product (GDP).
With regard to the oil market, King Abdullah stressed the fact that the wild fluctuation in oil prices witnessed in 2008 and 2009 caused damage to both producing and consuming countries. Therefore, he insisted, consuming countries should more effectively regulate financial and commodity markets, while the Kingdom will continue to maintain its production capacity in order to ensure market stability.
King Abdullah also reiterated the importance of supporting developing countries, noting, “The Kingdom has done its utmost to help the poor countries and mitigate the global crisis on these countries by increasing bilateral and multilateral development and humanitarian assistances and also supporting and enhancing the resources of the regional and multilateral development banks.” King Abdullah welcomed the progress made on issues of reform at the International Bank for Reconstruction and Development (IBRD) and the International Monetary Fund (IMF) aimed at allowing a greater voice for less developed nations.
Finally, the King stressed that continued world trade is a necessary requirement for the acceleration of global growth and urged other countries to avoid protectionism. “In line with Saudi Arabia’s commitment to free trade, it continues its efforts to support trade liberalization initiatives at all levels,” he said. “The Kingdom continues to provide funding for the purposes of trade through a number of programs and funds at national and regional levels.”
The Saudi delegation to the G-20 summit, which began on Sunday, includes Foreign Minister Prince Saud Al-Faisal; Finance Minister Dr. Ibrahim Al-Assaf; and Saudi Arabian Monetary Agency Governor Dr. Mohammed Al Jasser.