SAUDI ARABIA

Saudi Arabia calls for collective efforts to effectively implement Common Framework on debt relief

October 13, 2023
Saudi Minister of Finance Mohammed Aljadaan speaks at the seminar in  Marrakech, Morocco.
Saudi Minister of Finance Mohammed Aljadaan speaks at the seminar in Marrakech, Morocco.

Saudi Gazette report

MARRAKECH
— Saudi Minister of Finance Mohammed Aljadaan has sought collective efforts for the effective implementation of the Common Framework.

He made the remarks while participating in a high-level seminar titled "Reform Priorities for Tackling Debt," held as part of the 2023 World Bank Group and International Monetary Fund Annual Meetings on Thursday in Marrakech, Morocco.

Attended by finance ministers, central bank governors, and heads of international and regional organizations, the seminar focused on strategies to enhance the resilience of low-income countries against debt risks. The discussions emphasized domestic reforms to stimulate economic growth, refine expenditure policies, boost domestic revenue mobilization, and fortify debt management.

Minister Aljadaan, in his address, shed light on Saudi Arabia’s commitment to enhancing sustainability of public debt in low-income countries.

He highlighted initiatives launched during Saudi Arabia's G20 Presidency in 2020, including the Debt Service Suspension Initiative (DSSI) and the Common Framework Initiative.

Aljadaan emphasized that the Common Framework inclusivity is the most comprehensive mechanism to engage all stakeholders in providing impactful debt relief.

He called upon relevant international organizations to offer necessary support to countries in need, aiding them in navigating the challenges posed by high borrowing costs and public debt.

Participating in the seminar were key figures such as IMF Managing Director Kristalina Georgieva; World Bank Group President Ajay Banga; Zambia's Minister of Finance and National Planning, Dr. Situmbeko Musokotwane; and Anna Gelpern, Professor of Law and International Finance at Georgetown University.

The panelists underscored the crucial need for increased international community support through concessional financing. Additionally, they emphasized the importance of refining sovereign debt restructuring processes to ensure timely and predictable debt relief.


October 13, 2023
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