10 October 2022, Washington DC: His Excellency, Minister of Finance, Mr. Mohammed AlJadaan, is heading the Kingdom's delegation participating in the Annual Meetings of the International Monetary Fund (IMF) and World Bank, to be held in Washington, DC, from 10-16 October 2022. The delegation includes His Excellency Dr. Fahad Almubarak, Governor of the Saudi Central Bank (SAMA), Mr. Sultan Al-Marshad, CEO of the Saudi Fund for Development (SFD), as well as a number of officials from the Ministry of Finance and Saudi Central Bank, and the Saudi Fund for Development.
The Minister will attend the meetings of both the International Monetary and Financial Committee (IMFC) of the IMF and the Development Committee of the World Bank Group (WBG). The IMFC will discuss the Managing Director's Global Policy Agenda (GPA) on the global economic policies and challenges, including high inflation rates, tightening financing conditions, and rising food insecurity. The discussion will lay out what the IMF can do to alleviate these hardships and provide support to ensure inclusive recovery as well as determining the policy responses that are needed at the global and country levels to address these challenges. The Development Committee will discuss the evolving global development landscape, including the challenges facing food security and energy access and the financing gaps for the sustainable development goals. The Development Committee will also shed light on the learning losses and cost inflicted by COVID-19 pandemic on children, youth, and future productivity.
On the sidelines of the IMF-World Bank Annual Meetings, the Saudi Minister of Finance will participate in the joint meeting of the G20 Finance and Agriculture Ministers on 12 Oct 2022. The meeting is being organized at the backdrop of the significant challenges facing global food security. It will discuss recent developments, explore solutions, and outline the way forward for addressing the food security challenges.
In addition, the Minister and Governor will attend the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting on 12 and 13 October 2022 under the Indonesian Presidency. The meeting will foster in-depth discussions on the risks to the global economic recovery that have further materialized since their July meeting, in addition to risks related to inflationary pressures, monetary policy tightening, and the worsening food security situation. FMCBG will also discuss policy responses to the ongoing global economic challenges, including how to maintain the G20 as an effective forum for economic cooperation in the face of the evolving macroeconomic circumstances.