US Treasury Hails Saudi Arabia for Excellent Leadership of G20

US Treasury Hails Saudi Arabia for Excellent Leadership of G20

US Treasury Secretary Steven Mnuchin praised Saudi Arabia for its “excellent” leadership of the G20 this year.

Mnuchin took part on Thursday in a video conference with G20 Finance Ministers prior to the 2020 G20 Leaders' Summit.

The call focused on the global economic effect of the COVID-19 pandemic and the G20 response, read a statement by the US Treasury on Saturday.

Mnuchin noted that the Debt Service Suspension Initiative, launched in April, is a key achievement of the G20 in response to the pandemic, and that the Common Framework agreed to by all G20 members will help support low-income countries by coordinating sovereign debt resolution if needed.

“Mnuchin thanked the Government of Saudi Arabia, in particular Minister of Finance Mohammed al-Jadaan, for the excellent leadership of the G20 this year,” said the statement.

He also welcomed the Italian Ministry of Economy and Finance, which will host the G20 Presidency in 2021.