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Kingdom Saudi Arabia Urges Int’l development institutions to support fragile countries: Saudi Finance Minister

The Saudi Minister of Finance confirmed that Saudi Arabia is mobilizing development institutions to ensure support for the countries of the affected regions.

During his participation in the Future Investment Initiative (FII), Wednesday in Riyadh, Muhammad Al-Jadaan said that many countries are exposed to debt and inflation crises and we seek to address them, adding that there is a process of interdependence with the countries of the world to confront the problems.

Finance Minister Muhammad Al-Jadaan stressed that the world is currently witnessing many difficulties, represented by financing, high-interest rates, inflation, and debt pressures in some countries.

He pointed out that Saudi Arabia worked to move forward on plans and strategies to face difficult days such as the one we are living in today and mobilized its energies and international organizations such as the G20 and other development organizations.

In a dialogue session on “Finance and Globally Influential Decisions”, within the sessions of the second day of the Future Investment Initiative (FII) conference, which is currently being held at the King Abdulaziz Convention Center in Riyadh, the Saudi minister said that the Kingdom has worked on preparing for several years for such situations that the world is witnessing.

 

Al-Jadaan noted that at the global level we are witnessing difficult conditions, and at the regional level, the Arab Gulf states, led by Saudi Arabia, are in a better position to face these circumstances during the next six years, but other countries may need cooperation and support to overcome the consequences of the current economic conditions.

The Minister of Finance indicated that the Kingdom has previously warned of the dangerous conditions surrounding the global economy in light of the consequences of the Corona pandemic, the decline in investment rates in several areas, and the importance of international cooperation to confront it.

Al-Jadaan noted that the Kingdom is mobilizing the energies of multilateral development institutions, to ensure support for countries in the region.

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