Saudi Gazette report

NEW YORK — Saudi Finance Minister and current International Monetary and Financial Committee Chair, Mohammed Aljadaan, alongside IMF Managing Director Kristalina Georgieva, discussed the outcomes of their deliberations and the Global Policy Agenda, at a press conference following the IMFC meetings on Friday.

Minister Aljadaan commended the efforts of his predecessor, Nadia Calvino, and underscored the critical need for enhanced multilateral cooperation to bolster the resilience of the global economy and the international monetary system.

The Minister pointed out the pressing issue of high sovereign debt levels in low-income countries, which hinder their economic growth and ability to improve citizen welfare.

He praised the IMF's ongoing commitment to strengthening capacity development across member states and welcomed the new Global Public Finance Partnership, aimed at meeting the rising demand for expertise in public finance management.

A significant development announced was the addition of a new 25th Chair to the IMF Executive Board, designated for Sub-Saharan Africa. This move, expected to commence in November 2024, aims to enhance the representation and voice of African nations within the IMF, promoting a more balanced regional representation on the Board.