His Excellency the Saudi Minister of Finance, Mr. Mohammed bin Abdullah Aljadaan, participated in the 2023 World Bank Group (WBG) and International Monetary Fund (IMF) Annual Meetings held on 9-15 October 2023; addressing global financial, economic, and developmental issues.
On the sidelines of the meetings, the Minister held a number of bilateral meetings with finance ministers, government officials, and leaders from international financial institutions. He also participated in high-level seminars concerning developments in the global economy.
H.E. highlighted the Kingdom's efforts to enhance the sustainability of sovereign debt for low-income countries, noting the initiatives launched by the Kingdom during its G20 Presidency in 2020. He also said that the Kingdom is always keen to strengthen the global economy.
During his participation in the WBG Development Committee meeting, H.E. underscored the need for the WBG to prioritize its financial operations that are directly linked to its Twin Goals of ending extreme poverty and promoting shared prosperity. He also called on the WBG to mobilize private capital to address global challenges like energy, food, and water security.
During the IMF International Monetary and Financial Committee (IMFC) meeting, the Minister thanked the Moroccan Government for their successful hosting of the 2023 Annual Meetings and expressed his condolences to earthquake victims. He welcomed the near-term resilience of the global economy, yet acknowledged widening growth divergence, food security concerns, and rising sovereign debt vulnerabilities. Also, the Minister noted that the 2023 Annual Meetings in Morocco represented a great opportunity to have a timely discussion regarding the challenges facing the MENA region and ways to address them.
He reaffirmed the strength of the Saudi economy despite the challenging global environment, and highlighted the Kingdom's significant financial support to the MENA region to maintain macroeconomic and financial stability, while stressing of the IMF role to maintain the stability of the international monetary system and facilitate international trade.