Saudi Arabia’s Minister of Finance, Mohammed bin Abdullah Al-Jadaan, took part in the 2023 Annual Meetings of the International Monetary Fund (IMF) and the World Bank held in the Moroccan city of Marrakech. The meetings served as a platform for discussions on financial, economic, and developmental issues of global significance.
According to Saudi Arabia’s official news agency, the Saudi Minister of Finance engaged in several bilateral meetings with finance ministers, government officials, and leaders from global financial institutions on the sidelines of the meetings. He also participated in high-level seminars focused on global economic developments.
In his address, the Minister of Finance highlighted Saudi Arabia’s efforts to enhance the sustainability of sovereign debt for low-income countries. He emphasized the initiatives launched during Saudi Arabia’s presidency of the G20 in 2020, reaffirming the kingdom’s commitment to bolstering the global economy.
During his participation in the Development Committee meeting, which is part of the World Bank Group, Al-Jadaan underscored the importance of aligning the group’s financial priorities with its primary objectives: poverty eradication and shared prosperity. He emphasized the significance of encouraging private sector investments to address global challenges such as energy security, food, and water.
Furthermore, Al-Jadaan expressed gratitude to the Moroccan government for successfully hosting the 2023 Annual Meetings and extended condolences for the earthquake victims.
The Saudi Minister welcomed the near-term resilience of the global economy, despite variations in growth rates and concerns regarding food security and rising sovereign debt risks. He noted that the 2023 Annual Meetings provided an opportunity to discuss the challenges facing the Middle East and North Africa region and explore strategies to address them. He also highlighted the strength of the Saudi economy in the face of challenging global conditions.
Al-Jadaan reiterated Saudi Arabia’s support for the Middle East and North Africa region to ensure overall economic and financial stability. He acknowledged the role of the IMF in maintaining international monetary system stability and facilitating international trade.
The participation of Saudi Arabia’s Minister of Finance in the 2023 Annual Meetings of the IMF and World Bank demonstrates the country’s commitment to global economic stability and cooperation.
The meetings serve as a crucial platform for nations and financial institutions to collaborate on addressing pressing global economic challenges, supporting low-income countries, and fostering sustainable economic growth. Saudi Arabia’s contributions and initiatives in these forums reflect its dedication to enhancing international financial systems and promoting economic well-being worldwide.
