‎Governments should allocate budget to for crisis, risk management, says Al-Jadaan

Minister of Finance, Mohammed Al-Jadaan

Mohammed Al-Jadaan, Saudi Minister of Finance, said that governments should study long-term solutions, such as allocating budget for risk and crisis management around the world.

In the “Building Future Preparedness” panel during the World Economic Forum, Al-Jadaan said that the G20 represents 80% of the world. It works with World Bank and International Monetary Fund (IMF) to develop policies to face risks and ensure fiscal stability.

Countries are working on building a sustainable economy. They need to ensure the security of energy, so that there will be no risks upon switching to green energy.

The COVID-19 pandemic proved that no one will be safe unless everyone is safe, Al-Jadaan added. 

Moreover, the minister explained that the G20 provided quick support for low-income countries and was also able to develop vaccines to face the pandemic, compared to other health crises which have taken almost 10 years to find vaccines. 

He also explained that the structural reforms required from the recipients of support will not only help them finance and control expenses, but also face risks and crises in the future.