https://arab.news/m4nvf
JEDDAH: Saudi Arabia has urged for stronger multilateral cooperation to promote sustainable economic growth during the annual meeting of global financial institutions in Washington. This was emphasized by Finance Minister Mohammed Al-Jadaan at the Macro Week event hosted by the Peterson Institute for International Economics on Oct. 22, alongside the 2024 International Monetary Fund and World Bank Group Annual Meetings.
Al-Jadaan is leading a high-level Saudi delegation participating in the meetings, including the fourth gathering of G20 finance ministers and central bank governors from Oct. 21-26.
In a post on his X account, Al-Jadaan shared: “On the sidelines of the 2024 IMF and World Bank annual meetings, I met with the World Bank Group’s chief economist, Indermit Gill, to discuss recent economic developments at both regional and global levels.”
He also engaged with IMF Managing Director Kristalina Georgieva to review the latest global economic trends and explore ways to strengthen collaboration between Saudi Arabia and the IMF.
Notably, in December 2023, the IMF announced that Saudi Arabia will chair the International Monetary and Financial Committee from 2024 to 2027. This committee supports the organization’s board of governors in managing the international monetary and financial system and addressing potential disruptions.
Additionally, Al-Jadaan met with Pakistan’s Finance Minister Muhammad Aurangzeb and other senior officials to discuss enhancing bilateral relations and economic cooperation. In another meeting, he spoke with Feras Milhem, governor of the Palestine Monetary Authority, to address the economic situation in the Palestinian Territories and potential collaborative efforts.
As chair of the IMFC, Al-Jadaan will facilitate discussions on global economic developments, identify policy priorities, and define the IMF's role in addressing these issues through policy advice, capacity building, and financial assistance.
The annual meetings bring together finance ministers, central bank governors, leaders from international organizations, private sector representatives, civil society, and academics to discuss significant global financial and economic developments, sustainable development, financial stability, and strategies for poverty alleviation.
On Tuesday, Al-Jadaan underlined that it was essential that global financial institutions continued to adjust quickly and decisively to solve challenges such as poverty and inequality.
“MDBs (multilateral development banks) need to increase their focus on capacity-building, as well as provide the support and advice needed,” Al-Jadaan said during his speech.