King Abdullah participates in G-20 summit

November 16, 2008

Speaking at the G-20’s Summit on Financial Markets and the World Economy in Washington on Saturday, Custodian of the Two Holy Mosques King Abdullah called for greater international cooperation to counter the global financial crisis.

 

In a statement to the G-20 Summit, King Abdullah stressed the importance of proper economic regulation. "This crisis revealed that undisciplined globalization and inadequate control of the financial sectors contributed to its rapid spread around the globe," the King stated. "Markets cannot regulate themselves. Therefore, there is an urgent need to strengthen monitoring agencies and systems for the financial sectors."

King Abdullah urged donor countries to continue their assistance to the developing world, and reiterated Saudi Arabia’s commitment to aiding poor nations.

The King noted his own country’s unique contribution to world financial stability. "Saudi Arabia is aware of the pivotal and critical role it plays in the global economy and in ensuring the stability of the international oil market," he said. "Saudi Arabia has made many sacrifices, including maintaining costly additional productive capacity amounting to about 2 million barrels per day, seeking to promote global economic growth in a manner that serves the interest of all parties."