His Excellency Mr. Mohammed Aljadaan, the Finance Minister of Saudi Arabia, led the Saudi delegation participating in the Spring Meetings of the International Monetary Fund (IMF) and World Bank held in Washington, D.C. during the period of 21- 22 April 2017. The delegation included His Excellency Mr. Ahmed Alkholifey, the Governor of the Saudi Arabian Monetary Authority (SAMA), His Excellency Mr. Yousef Al-Bassam, the Vice Chairman and Managing Director for the Saudi Fund for Development, Mr. Sulaiman Al-Turki, Deputy Minister for International Affairs at the Ministry of Finance, Mr. Fahad Alshathri, Deputy Governor for Research and International Affairs at SAMA, and Mr. Ahmad Al-Ghannam, Director General of Saudi Export Program at the Saudi Fund for Development.
During his speech at the International Monetary and Financial Committee (IMFC) of the IMF, the Minister noted that the performance of the global economy has improved as a result of the continued recovery of economic activity in advanced economies, especially with the expectation of continued improved performance of the US economy, as well as of emerging and developing economies due to the recovery of commodity prices. He also stressed that there are challenges surrounding the prospects for global growth as risks from geopolitical conflicts and terrorism persist, as well as the risk of trade restrictions.
The Minister agreed with the policy priorities and recommendations presented in the IMF's work agenda, which emphasizes the importance of pursuing a mix of fiscal and monetary policies and structural reforms to support economic growth, productivity, and job creation, tailored to individual country circumstances. In this context, the Minister stressed the need for implementing reforms to support sustainable economic growth and enhance financial stability while improving the social safety net to mitigate the negative impact of economic reforms.
The Minister highlighted the efforts of the Saudi government in implementing the goals and initiatives of the National Transformation Program (NTP) to achieve the Kingdom’s Vision 2030. He underscored that the implementation of these reforms will contribute to creating jobs and diversifying economic activity. The Kingdom's development plans focus mainly on supporting the build-up of human capital through education and training, and enhancing competitiveness of the Saudi economy to promote economic diversification. The Minister mentioned that the NTP includes various initiatives aimed at achieving the highest levels of transparency and governance to enhance government services and the investment environment, in addition to supporting national industries, small and medium enterprises, and employment opportunities for citizens.
The Minister also participated in the meeting of the Development Committee of the World Bank Group (WBG), during which the WBG 's vision for 2030 was discussed. The WBG aims to form a common vision to support the sustainable development agenda for 2030 while focusing on achieving the Bank's corporate objectives. He delivered a speech at the meeting in which he welcomed the vision, particularly the use of the World Bank's financial resources strategically to meet urgent development needs. In this context, he noted that the World Bank’s vision should strengthen efforts to reduce poverty and focus on areas where the Bank has a comparative advantage. Regarding the Sustainable Development Agenda of 2030, the Minister urged the World Bank to play an active role in the implementation of the Agenda. He also urged the WBG to play a leading role in reconstruction efforts in countries that have suffered from conflicts. As for the job creation agenda, the World Bank has underscored the importance of studying the effects of technological changes on the labor market and the provision of development solutions to address the challenges that Member States face, including in the areas of education and skills development required for the changing labor market.
The Minister and the Governor of SAMA also participated in the meeting of G20 Finance Ministers and Central Bank Governors. The agenda of the meeting included a review of the latest developments in the global economy, including the progress in implementing the G-20 structural reform agenda.
On the sidelines of the IMF-World Bank Spring Meetings, the Minister and the Governor attended the meeting between the Managing Director of the IMF and the Finance Ministers and Central Bank Governors of the Middle East and North Africa Region to discuss the economic situation in the region. The Minister presented the results of the Eighth Annual Meeting of Arab Ministers of Finance held in Rabat on 18 April 2017. The importance of continuing the implementation of programs, initiatives and structural reforms in the countries of the region was highlighted. At the end of his speech, the Minister commended the IMF's efforts toward providing financial and technical support to the countries of the region, especially in incentivizing the implementation of reforms that support economic activity and reduce unemployment.