Saudi Arabia Participates in IMF/WB 2023 Annual Meetings
Saudi Arabia participated actively in the annual meetings of the International Monetary Fund (IMF) and the World Bank represented by Finance Minister Mohammed bin Abdullah Al-Jadaan. The meetings were held from 9th-15th in Marrakech, Morocco in 2023.
These meetings served as a platform for discussing various financial, economic, and developmental issues of global significance.
Importance of the Meetings
Minister Al-Jadaan engaged in bilateral discussions with finance ministers, government officials, and leaders from global financial institutions. He also took part in high-level seminars focused on the evolving global economy.
The Saudi Finance Minister highlighted the Kingdom’s efforts in enhancing the sustainability of sovereign debt for low-income countries.
He emphasized the initiatives launched by Saudi Arabia during its presidency of the G20 in 2020, demonstrating the Kingdom’s commitment to strengthening the global economy.
Prioritizing Financial Goals
In his address, Minister Al-Jadaan stressed the importance of aligning the group’s financial priorities with its core objectives of poverty eradication and promoting shared prosperity.
He highlighted the significance of incentivizing private sector investments to address global challenges such as energy security, food security, and water resources.
International Monetary Fund Committee Meeting
During his participation in the International Monetary and Financial Committee (IMFC) meeting, Minister Al-Jadaan expressed gratitude to the Moroccan government for hosting the successful annual meetings in 2023.
He also extended his condolences to the victims of the earthquake that had recently struck the region.
The Global Economic Outlook
The Saudi Finance Minister acknowledged the resilience of the global economy in the near term, despite variations in growth rates, concerns about food security, and rising sovereign debt risks.
He emphasized that the annual meetings in Morocco provided an opportunity to discuss the challenges facing the Middle East and North Africa region and explore strategies to address them.
Minister Al-Jadaan highlighted the strength of the Saudi economy, even amid challenging global circumstances.
Saudi Arabia’s Support for Economic Stability
Minister Al-Jadaan underscored the Kingdom’s support for the economic and financial stability of the Middle East and North Africa region.
He emphasized the role of the International Monetary Fund in maintaining the stability of the international monetary system and facilitating international trade.
Saudi Arabia’s participation in the IMF and World Bank Annual Meetings in 2023 demonstrated the Kingdom’s commitment to global economic cooperation and its active role in addressing critical financial and developmental issues.
The discussions and initiatives undertaken during these meetings contribute to the stability and prosperity of not only Saudi Arabia but also the wider global community.
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