Saudi Arabia is committed to amplifying the voices of emerging economies within a key International Monetary Fund (IMF) committee, as stated by the country’s finance minister.
During the International Monetary and Financial Committee (IMFC) meeting in Diriyah, Mohammed Al-Jadaan commended the IMF and its members for their leadership during difficult times. Al-Jadaan, who recently became the IMFC chair, emphasized the need for collaboration to maintain global financial stability and promote inclusive economic growth.
This meeting was a notable event as it was the first official IMFC gathering held in Saudi Arabia. Al-Jadaan expressed enthusiasm for the inclusion of a new member from Africa, highlighting the Kingdom’s dedication to empowering emerging markets and developing economies.
As the IMFC chair, Saudi Arabia aims to play a significant role in global economic policy-making. The committee advises the IMF’s Board of Governors on global economic issues and suggests measures for financial stability and growth.
IMF Managing Director Kristalina Georgieva praised Saudi Arabia for its leadership, reaffirming the IMF’s mission to ensure macroeconomic and financial stability. She assured that the IMF remains a trusted advisor to its 191 member countries.
During a panel discussion on overcoming low growth and high debt, participants noted the global economy’s current challenges, such as uncertainty affecting capital flows and high debt limiting infrastructure and job creation investments.
They also discussed how technological and demographic changes pose both risks and opportunities. Another panel focused on the IMF’s role in assisting countries with balance-of-payments issues, exploring enhanced coordination with regional financial bodies.