The Deputy Finance Minister for International Affairs Dr. Ryadh Alkhareif, participated in the 9th Conference of the Paris Forum, which is organized by the Paris Club with the support of the Indonesian G20 Presidency, held in Paris on July 8th, 2022.
Speakers in this discussion panel, which was titled “Addressing Debt Vulnerabilities”, include His Excellency the Deputy Finance Minister for International Affairs with His Excellency Mr. Mohamad Al-Ississ, Minister of Finance in Jordan, Ms. Ceyla Pazarbasioglu, Director of the Strategy, Policy and Review Department in the International Monetary Fund (IMF), Ms. Vera Songwe, United Nations Under-Secretary-General, Mr. Zhang Zhengxin, the Executive Director for China at the IMF and Ms. Layna Mosley, Professor of Politics and International Affairs in Princeton University.
During the discussion panel, Dr. Ryadh Alkhareif addressed the changing landscape in the international debt architecture. He highlighted the importance of building on the successful implementation of the “Debt Service Suspension Initiative (DSSI(“ by effectively implementing the “Common Framework for Debt Treatment beyond the DSSI" which was endorsed by leaders under the Saudi G20 Presidency. He also outlined the key drivers behind the rising debt vulnerabilities and stressed the importance of further enhancing collaboration and engagement between all pertinent entities, including the International Monetary Fund (IMF) and the World Bank (WB). Dr. Alkhareif stated: “I urge the IMF and the WB to further strengthen their support to countries facing debt challenges, to promote greater private sector participation in the Common Framework, and to help such countries in addressing the risks of downgrading from credit rating agencies.”
It is worth noting that the Paris Forum brings together more than 50 official creditors, official borrowers, and international organizations each year. As well as academics and NGOs. This Forum aims to foster open exchanges on sovereign debt issues to improve the international financial architecture.