Finance Minister Leads Delegation at 122nd GCC Financial, Economic Cooperation Meeting
The Minister of Finance, Mr. Mohammed Al-Jadaan, led the Kingdom’s delegation participating in the 122nd meeting of the Financial and Economic Cooperation Committee of the Gulf Cooperation Council (GCC) countries. It was held on Thursday in Doha, Qatar.
The meeting was attended by the ministers of finance from the GCC countries and the Secretary-General of the Gulf Cooperation Council.
Future of GCC Countries
On the sidelines of the meeting, Al-Jadaan attended the first session of the “Future of the GCC Countries” conference, titled “Industries of the Future and Models of Cooperation.
During the session, Al-Jadaan explained that the Gulf Cooperation Council (GCC) countries share both opportunities and challenges. Close cooperation at the local and international levels directly benefits the Gulf states. It also contributes to achieving their shared goals, and enhances their global standing.
He participated in a joint meeting of GCC Finance Ministers and Central Bank Governors with the IMF Managing Director to discuss the IMF’s 2024 economic outlook report and political challenges facing the GCC.
During the meeting, Al-Jadaan said: “Each Gulf Cooperation Council (GCC) country has different economic needs and plans, but we all face the common challenge of reducing our reliance on oil revenues. Saudi Arabia has implemented financial reforms under Vision 2030 aimed at diversifying the economy and decreasing our dependence on oil revenues.
Future of International Monetary Fund
Al-Jadaan attended a roundtable titled “The Future of the International Monetary Fund,” which focused on necessary reforms to enhance international economic cooperation. The discussion addressed improvements in the Fund’s financial and administrative structure, as well as reforms in oversight and capacity-building to better support members.
During the meeting, Al-Jadaan highlighted the challenges facing the global economy, including rising geopolitical tensions and slowing global growth. He also noted the role played by the International Monetary Fund, in collaboration with other financial institutions, in mobilizing multilateral international cooperation to overcome these challenges.
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