Okaz/Saudi Gazette

MARRAKESH — Minister of Finance Mohammed Al-Jadaan said that Saudi Arabia is always keen on strengthening the global economy. He highlighted the Kingdom's efforts to enhance the sustainability of sovereign debt for low-income countries while drawing attention to the initiatives launched by the Kingdom during its G20 Presidency in 2020.

The minister made the remarks while attending the 2023 World Bank Group (WBG) and International Monetary Fund (IMF) annual meetings held in the Moroccan city of Marrakesh on October 9-15. The meetings discussed global financial, economic, and developmental issues.

On the sidelines of the meetings, Al-Jadaan held a number of bilateral meetings with finance ministers, government officials, and leaders from international financial institutions. He also participated in high-level seminars concerning developments in the global economy.

While attending the WBG Development Committee meeting, the minister underscored the need for the WBG to prioritize its financial operations that are directly linked to its twin goals of ending extreme poverty and promoting shared prosperity. He also called on the WBG to mobilize private capital to address global challenges like energy, food, and water security.

During the IMF International Monetary and Financial Committee (IMFC) meeting, Al-Jadaan thanked the Moroccan government for their successful hosting of the 2023 annual meetings. He also offered his condolences to the victims of the devastating earthquake that struck the country.

Al-Jadaan welcomed the near-term resilience of the global economy, while acknowledging widening growth divergence, food security concerns, and rising sovereign debt vulnerabilities. The minister noted that the 2023 annual meetings in Morocco represented a great opportunity to have a timely discussion regarding the challenges facing the MENA region and ways to address them.

He reaffirmed the strength of the Saudi economy despite the challenging global environment, and highlighted the Kingdom’s significant financial support to the MENA region to maintain macroeconomic and financial stability, while emphasizing the IMF role in maintaining the stability of the international monetary system and facilitating international trade