Federal Councillor Ueli Maurer at G20 Finance Ministers Meeting in Riyadh

Bern, 23.02.2020 - Federal Councillor Ueli Maurer attended the G20 Finance Ministers and Central Bank Governors Meeting under the Saudi G20 presidency in Riyadh on 22 and 23 February 2020. He was accompanied by Swiss National Bank Chairman Thomas Jordan. Aside from risks for the global economy and international tax and financial issues, sustainable infrastructure financing was also addressed at the meeting. Federal Councillor Maurer additionally held bilateral talks with several of his counterparts on the fringes of the meeting. The possible effects of the coronavirus on the global economy were a topic of discussion in these talks, as well as in the various working sessions.

Switzerland is committed to long-term sustainable financing and sound economic framework conditions. In his discussions, Federal Councillor Maurer welcomed Saudi Arabia's priorities in promoting equal opportunities and the renewed focus on the sustainability of infrastructure financing. Switzerland appreciates Saudi Arabia's focus on technology and innovation to promote more sustainable and profitable investments. Switzerland will host a meeting of the G20 Infrastructure Working Group this summer, during which an exchange with the private sector is also envisaged.

The finance ministers took note of the progress made in the area of taxing the digital economy. Federal Councillor Maurer stressed that Switzerland is committed to a multilateral, consensus-based solution. Unilateral measures taken by individual states, which could lead to multiple taxation and over-taxation, are to be avoided. The consensus-based solution should also prevent reductions in growth and distortions of competition.

This is Switzerland's fifth consecutive time participating as a guest in the G20 Finance Ministers and Central Bank Governors Meetings concerning financial and monetary issues. Further meetings of the G20 finance ministers will take place this year in April, July and October.

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Peter Minder, Head of FDF Communications
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Federal Department of Finance

State Secretariat for International Financial Matters