Saudi Arabia’s Finance Minister, Mohammed Aljadaan, recently joined forces with IMF Managing Director Kristalina Georgieva to deliberate on international monetary challenges and the proactive strategies discussed during the IMFC meetings.
Aljadaan lauded the commendable work of his forerunner, Nadia Calvino, and emphasized the imperative for stronger global collaboration to fortify the world’s economic frameworks and monetary systems. The Minister highlighted the distressing trend of escalating sovereign debt in less wealthy nations, which stands as a barrier to their economic progress and the enhancement of living standards.
He extolled the IMF’s dedication to improving the skills of its members in handling their finances and expressed his support for the newly established Global Public Finance Partnership. This initiative seeks to fulfill the growing need for knowledge in public finance administration.
Among the key developments shared was the introduction of a new, 25th position on the IMF Executive Board, exclusively reserved for Sub-Saharan Africa. Scheduled to take effect in November 2024, this initiative is set to improve the representation and influence of African countries within the institution, thereby ensuring a more equitable distribution of voices on the Board.