His Excellency the Saudi Minister of Finance, Mr. Mohammed bin Abdullah Aljadaan, participated in the high-level seminar "Reform Priorities for Tackling Debt" held on Thursday, 12 October 2023, on the sidelines of the 2023 World Bank Group and International Monetary Fund Annual Meetings in Marrakech, Morocco.

The seminar—which was attended by a number of finance ministers, central bank governors, and heads of international and regional organizations—focused on ways to boost low-income countries' resilience to debt risks, including through domestic reforms to enhance economic growth, improve expenditure policies, increase domestic revenue mobilization, and strengthen debt management.

Minister Aljadaan shared the stage with IMF Managing Director, Kristalina Georgieva; President of the World Bank Group, Ajay Banga; H.E. the Minister of Finance and National Planning of the Republic of Zambia, Dr. Situmbeko Musokotwane; and Professor of Law and International Finance at Georgetown University, Anna Gelpern.

Panelists highlighted the need for increased support from the international community through concessional financing, as well as improvements in sovereign debt restructuring processes for timely and predictable debt relief.

His Excellency Aljadaan highlighted the Kingdom's efforts to enhance the sustainability of public debt for low-income countries. He noted the initiatives launched by the Kingdom during its G20 Presidency in 2020, which included the Debt Service Suspension Initiative (DSSI) and the Common Framework Initiative.

He urged greater efforts to implement the Common Framework, which remains the most inclusive mechanism, to involve all stakeholders in providing effective debt relief. He encouraged relevant international organizations to provide the necessary support for countries in need, to help them manage the challenges of high borrowing costs and public debt.

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