We urge the IMF, WBG, and other MDBs to continue their efforts to strengthen borrowers’ capacity in the areas of debt recording, monitoring, and reporting, debt management, public financial management and domestic resource mobilization. We will advance the discussion on the issues highlighted by the IMF-WBG note on the implementation of the G20 Operational Guidelines for Sustainable Financing. We also look forward to an update on the implementation of Institute of International Finance’s Voluntary Principles for Debt Transparency, including on work to identify a data repository. We support ongoing work by the IMF, WBG, and Paris Club on Low-Income Countries (LICs) debt, and the continued efforts of the Paris Club towards the broader engagement of emerging creditors. We welcome the recent progress made on addressing the tax challenges arising from the digitalization of the economy. We endorse the Outline of the Architecture of a Unified Approach on Pillar One as the basis for negotiations and welcome the Progress Note on Pillar Two, both of which were agreed by the G20/OECD Inclusive Framework on Base Erosion and Profit Shifting (BEPS). We encourage further progress on both Pillars to overcome remaining differences and reaffirm our commitment to reach a consensus-based solution with a final report to be delivered by the end of 2020. We stress the importance of the G20/OECD Inclusive Framework on BEPS agreeing on the key policy features of a global and consensus-based solution by July 2020, which would form the basis of a political agreement. We reiterate the importance of international cooperation to complete this work and ensure tax certainty. We welcome the progress made on implementing the internationally agreed tax transparency standards. We take note of the updated G20/OECD list of jurisdictions that do not comply with such standards. Defensive measures against listed jurisdictions will be considered. We continue to support tax capacity building in developing countries, including coordinating through the Platform for Collaboration on Tax. We call on all jurisdictions to sign and ratify the Multilateral Convention on Mutual administrative Assistance in Tax Matters. An open and resilient financial system, grounded in agreed international standards, is crucial to support sustainable growth. We remain committed to the full, timely and consistent implementation of the agreed financial reforms. We continue to evaluate the effects of reforms and look forward to the Financial Stability Board (FSB)’s evaluation of the effects of Too-Big- To-Fail reforms. We will continue to identify, monitor and, as necessary, address vulnerabilities and emerging risks to financial stability, including those related to non-bank financing. According to the circumstances, macro-prudential policies can be part of the toolkit. We will continue to work to address unintended, negative effects of market fragmentation, including through regulatory and supervisory cooperation. We will also continue our efforts to enhance cyber resilience and look forward to the FSB’s toolkit of effective practices for cyber-incident response and recovery. --More 22:09 LOCAL TIME 19:09 GMT 0029 www.spa.gov.sa/w1272352