Fahad Almubarak, Minister of State &Member of the Saudi Arabian Council of Ministers, Saudi Arabia's G20 Sherpa, Saudi Central Bank Governor • Interview
Leading the G20 during a global health crisis was no easy task, with the summit going online for the first time in its history under the leadership of Saudi Arabia.
What lessons have been learned from Saudi Arabia’s COVID-19 response, and how has the country taken the lead internationally at this time of crisis?
The unprecedented health and economic impacts of COVID-19 made the task of leading the G20 even more challenging. As the G20 President, Saudi Arabia spared no time reacting quickly to fight the pandemic. The Custodian of the Two Holy Mosques King Salman bin Abdulaziz convened an Extraordinary Leaders’ Summit on March 26, where leaders agreed on an immediate response that was unprecedented in its scope and ambition, demonstrating that the G20 leads the international community in taking decisive actions. Such actions included injecting over USD11 trillion into the global economy, pledging over USD21 billion to support the international fight against the pandemic, including the hunt for a vaccine, extending debt relief to the poorest countries through the Debt Service Suspension Initiative that would allow 73 eligible low-income countries to reallocate USD20 billion toward their imminent health and financial needs, and committing to ensure the flow of vital medical supplies and critical agricultural products across borders. Along with its G20 partners, Saudi Arabia will continue to actively drive the responses to the pandemic and to advance the policies that will lay the foundations for a strong and sustainable recovery.
What pieces of the G20’s agenda are important to focus on despite the crisis?
We started our presidency in 2020 under the forward-looking theme of “Realizing Opportunities of the 21st Century for All,” with the three ambitious aims of empowering people, safeguarding the
planet, and shaping new frontiers. Our overarching theme and associated aims remained essential to overcome this unprecedented global challenge and shape a better future for the world. But the priorities and the means have changed to fit the exigencies of the new reality imposed by COVID-19. Empowering people is at the heart of G20 action through fostering resilience in healthcare provision, renewing the focus on education, and protecting labor markets, while also prioritizing women and youth empowerment. Safeguarding the planet is a priority as we make growth stronger and more sustainable while conserving our natural resources. Furthermore, we will shape new frontiers by harnessing the benefits of digital technologies, boosting the opportunities for all, and ensuring a better-connected world. The Saudi Presidency has worked to adapt its priorities under its ambitious aims and put forward several important initiatives to ensure that recovery efforts are at the heart of global discussions. In health, our goal is to put in place a global health system that reflects the lessons we have learned and allows us to better deal with future crises. We have advanced the concept of circular carbon economy as a sustainable, pragmatic, and cost-effective approach for achieving ambitious climate goals and for ensuring cleaner, more sustainable and affordable energy systems.
Sharing the benefits of technology and innovation is a key focus. Which key trends in this area have accelerated this year, and what opportunities lie in the near term as a result?
The pandemic has cast light on the vital role that technology plays in our lives. Digital technology has allowed the global economy to continue to function, even partially, during the quarantine and lockdown periods—at the G20, we shifted to virtual meetings due to travel difficulties. Governments will leverage digital technologies and adopt policies to enable individuals and firms to continue to participate effectively in the economy. Unfortunately, there persists a significant digital divide between genders, regions, and countries. Countries will need to invest in their digital infrastructure and invest in digital skills and continuing education of their people to close the digital skills gap. A key priority will be broadening the access of low-income households and small businesses to financial products—what is known as digital financial inclusion. ✖
BIO
Fahad Almubarak is a state minister and member of the Saudi Council of Ministers. He also assumed the task of Saudi G20 Sherpa. Before this, he served as an advisor to the Saudi Royal Court and was Secretary General of the G20 Saudi Secretariat from 2017. His 38-year career also spanned both the public and private sectors. Positions have included Governor of the Saudi Arabian Monetary Authority and Managing Director and Chairman of Morgan Stanley Saudi Arabia.