His Excellency Mohammed Al Jadaan, Minister of Finance, participated in the annual IMF and World Bank meetings, which was held in Washington, DC (12-15 October 2017), as a head of the Saudi delegation. During those meetings His Excellency delivered a speech addressing the IMF Financial Committee. The minister of finance also attended the IMF Financial Committee, World Bank Development Committee, and G-20 finance ministers and central bankers meetings.
The meetings were attended by H.E. Dr. Ahmed bin Abdul Kareem Al Khulaifi, Governor of the Saudi Arabian Monetary Agency, H.E. Mohammed bin Mazid Al Twaijri, Deputy Minister of Economy and Planning, Eng. Yousuf bin Ibrahim Al Bassam, Vice President and Managing Director of the Saudi Fund for Development, as well as other officials from the Ministry of Finance, The Ministry of Economy and Planning and the Saudi Fund for Development.
In his speech, Mr. Al Jadaan discussed the global economic growth and the increasing of confidence in the global financial markets. He reviewed the challenges facing the world economy, including geopolitical tensions, and the capital flows volatility; and stressed on the importance of enhancing economic flexibility and building reserves, as well as intensifying efforts to strengthen international cooperation. He also emphasized the importance of continuing to promote a more inclusive global economy by taking advantage of all available economic instruments to ensure the sustainability and inclusiveness of growth. In that regard, he commended the role of the International Monetary Fund in supporting policies that could enhance confidence, and saluted the IMF efforts in strengthening public financial management, financial transparency, and combating money-laundering and the terrorism financing.
Minister Al-Jada'an outlined the Saudi economy latest developments, and the Kingdom's efforts to implement the 2030 Vision and its operational programs (especially, the effective roles that the fiscal and monetary policies and structural reforms play in ensuring the growth of the non-oil sector). He also pointed out the efforts in improving the investment environment, supporting the private sector, and enhancing investor confidence; via raising the level of transparency and facilitating government procedures. Furthermore, he discussed the important role played by privatization programs in improving the fiscal framework, raising accountability, and achieving the highest governance standards. He referred to the measures taken to ensure comprehensive growth, noting the importance of the Citizen Account Program, which was adopted by the Kingdom's government to help low and middle-income beneficiaries meet the additional costs of the gradual increase in energy prices.
During this year meeting, The Development Committee at World Bank discussed the World Bank 2030 Vision, and addressed ways to maximize financing for development. it also debated the World Development Report entitled "Enhancing Education for Learning Objectives" and its implications on World Bank Group activities. Moreover, His Excellency Mohammed Al Jadaan, Minister of Finance, delivered a speech at the meeting, in which he welcomed the progress made in implementing the World Bank Group 2030 Vision, particularly topics related to maximizing development funding strategically to meet urgent development needs. He stressed the importance of this vision in achieving the World Bank Group's objectives, such as reducing extreme poverty and promoting common prosperity by focusing on priorities with a high developmental impact. As for the World Development Report, Mr. Al Jadaan pointed out that investment in human capital is one of the main engines for achieving sustainable development, stressing the importance of enhancing education to meet the technical development and labor market requirements. He also urged the World Bank Group to boost its investment in human capital as a tool to achieve its corporate objectives.
Additionally, His Excellency the Minister of Finance and the Governor of the Saudi Arabian Monetary Agency (SAMA) participated in the G-20 finance ministers and central bankers meeting. The meeting addressed the latest developments in the world economy, the framework of strong, sustainable and balanced growth, the International taxes, the financial legislation, the international financial structure, and efforts to combat money laundering; as well as the Group's financial priorities during the Argentine presidency.