Saudi Finance Minister Leads Delegation at IMF-WBG Spring Meetings

Saudi Arabia's Key Role in Global Economic Discussions

The Kingdom of Saudi Arabia’s delegation recently wrapped up its active engagement in the prominent 2024 International Monetary Fund (IMF) and World Bank Group (WBG) Spring Meetings in Washington, D.C., which took place from April 15 to April 20. The team was spearheaded by the esteemed Minister of Finance, Mohammed Al-Jadaan.

On the first day, Al-Jadaan was a key participant in the IMF Middle East, North Africa, Afghanistan, and Pakistan (MENAP) Ministers & Governors Meeting. He stressed the necessity for sound fiscal strategies to enhance resilience and sustainability in the face of global economic trials.

Al-Jadaan’s contributions continued as he took part in the Global Sovereign Debt Roundtable. There, he underscored the need for improved efficiency and transparency in debt restructuring processes, aligning with the G20 Common Framework for Debt Treatment’s objectives.

During the second G20 Finance Ministers and Central Bank Governors assembly, presided over by Brazil, the minister voiced concerns over worldwide issues, such as climate change, and advocated for a unified and vigorous response. He further backed the Brazilian Presidency in its goal to boost dialogue among G20 members, particularly regarding the role of Multilateral Development Banks in financing development projects.

Al-Jadaan also chaired the first International Monetary and Financial Committee (IMFC) session since Saudi Arabia took on the chairmanship. The committee’s deliberations centered on the global economic landscape, policy priorities, and the IMF’s pivotal role in providing financial aid, counsel, and capacity building to its member nations, along with support for countries in financial distress.

Furthermore, the Saudi delegation attended the WBG Development Committee meeting. They advocated for a commitment to a country-centric development model, tailored to prioritize the unique development goals of client nations.

On the periphery of the main events, Al-Jadaan engaged in bilateral discussions with various ministers, central bank governors, and leaders of international commercial banks, aiming to fortify economic collaboration and strengthen bilateral ties.

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