Author: Sat, 2022-04-23 11:07
DUBAI: The International Monetary Fund (IMF) and World Bank (WB) should continue to foster multilateralism to ensure macro-stability and inclusive growth while providing timely support to its member countries.
That’s according to Mohammed Al-Jadaan, Saudi Arabia’s minister of finance, who participated in this year’s Spring Meetings of the multilateral institutions.
Al-Jadaan explained that fostering multilateralism will help the world overcome rising challenges while safeguarding economic integration.
Prudent climate policies are also important to ensure stable energy market conditions and will help transition to greener economies, said the finance minister.
He also reiterated Saudi Arabia’s commitment to reaching net-zero emission by 2060 through the Circular Carbon Economy framework.
In terms of the kingdom’s economy, Al-Jadaan said he indicated stronger-than-expected growth this year in the non-oil sector, which is supported by structural reforms under Vision 2030.
Meanwhile, Saudi Arabia’s commitment to sensible policies will help maintain monetary and financial stability, and accelerate structural reforms to further enhance resilience against external shocks, he added.
Speaking at the meeting, he also addressed the repercussions of the economic disruptions caused by the COVID-19 pandemic and how the country must work together to overcome them.
Saudi Arabia continues to support international efforts to restore peace and stability globally in order to alleviate suffering around the world, including in Ukraine amid the pandemic, he said.
Quoting the 2021 UNFTS, Al-Jadaan said Saudi Arabia ranked third among the world’s top donors in global humanitarian assistance.
On debt vulnerabilities in low-income countries, he called on the WB and the IMF to redouble their efforts given the increasingly complex challenges facing these countries.
He noted that the G20 Common Framework now offers an opportunity for a more enduring treatment of debt vulnerabilities.
In the area of digitalization, Al-Jadaan said the COVID-19 pandemic demonstrated the importance of using digital technologies and solutions. Ranking second among all G20 members on its ‘Top Digital Riser’ list is among the many achievements the kingdom has accomplished.
It has also been recognized by the UN International Telecommunication Union for its adoption of best policies, regulations and transparent arrangements that support the digital economy.
Main category: Business & EconomyTags: Saudi ArabiaFinance Ministermultilateralism Saudi economy to witness fastest growth in over a decade in 2022: Capital EconomicsIMF expects Saudi economy to grow more than double in 2022
Multilateralism will help world overcome future challenges, says Saudi finance minister
