MARRAKESH — Minister of Finance Mohammed Al-Jadaan mentioned that Saudi Arabia is at all times eager on strengthening the worldwide economic system. He highlighted the Kingdom’s efforts to boost the sustainability of sovereign debt for low-income international locations whereas drawing consideration to the initiatives launched by the Kingdom throughout its G20 Presidency in 2020.
The minister made the remarks whereas attending the 2023 World Financial institution Group (WBG) and Worldwide Financial Fund (IMF) annual conferences held within the Moroccan metropolis of Marrakesh on October 9-15. The conferences mentioned international monetary, financial, and developmental points.
On the sidelines of the conferences, Al-Jadaan held quite a few bilateral conferences with finance ministers, authorities officers, and leaders from worldwide monetary establishments. He additionally participated in high-level seminars regarding developments within the international economic system.
Whereas attending the WBG Growth Committee assembly, the minister underscored the necessity for the WBG to prioritize its monetary operations which can be straight linked to its twin objectives of ending excessive poverty and selling shared prosperity. He additionally referred to as on the WBG to mobilize personal capital to handle international challenges like power, meals, and water safety.
Through the IMF Worldwide Financial and Monetary Committee (IMFC) assembly, Al-Jadaan thanked the Moroccan authorities for his or her profitable internet hosting of the 2023 annual conferences. He additionally supplied his condolences to the victims of the devastating earthquake that struck the nation.
Al-Jadaan welcomed the near-term resilience of the worldwide economic system, whereas acknowledging widening progress divergence, meals safety considerations, and rising sovereign debt vulnerabilities. The minister famous that the 2023 annual conferences in Morocco represented an incredible alternative to have a well timed dialogue concerning the challenges going through the MENA area and methods to handle them.
He reaffirmed the power of the Saudi economic system regardless of the difficult international atmosphere, and highlighted the Kingdom’s vital monetary assist to the MENA area to take care of macroeconomic and monetary stability, whereas emphasizing the IMF position in sustaining the steadiness of the worldwide financial system and facilitating worldwide commerce