Saudi Finance Minister Calls for Greater IMF Support for Conflict-Affected Nations at Washington Meetings

Saudi Finance Minister Mohammed Al-Jadaan emphasized the need for the International Monetary Fund (IMF) to provide comprehensive and dedicated assistance to countries affected by conflicts. His comments came during a meeting of IMF governors from the Middle East, North Africa, Afghanistan, and Pakistan with IMF Managing Director Kristalina Georgieva, held on the sidelines of the IMF and World Bank’s annual meetings in Washington, D.C.

Al-Jadaan, leading Saudi Arabia’s delegation, highlighted that conflict-affected nations face unique economic challenges requiring tailored support from international financial institutions like the IMF. He stressed that coordinated efforts and financial assistance are essential to helping these countries navigate their crises and rebuild sustainable economies.

Saudi Delegation’s Participation in Global Financial Discussions

Al-Jadaan’s remarks came as part of Saudi Arabia’s active participation in the annual meetings of the IMF and the World Bank, as well as the G20 Finance Ministers and Central Bank Governors meeting, which took place from October 21 to 26 in Washington. These meetings bring together global financial leaders to discuss key economic challenges, including inflation, debt relief, and sustainable development.

During the meetings, Al-Jadaan attended the 21st International Development Association (IDA) Ministerial Roundtable. He underscored the importance of systematic planning and continuous reforms as the foundation for achieving long-term economic growth. The IDA, a World Bank fund supporting low-income countries, plays a crucial role in addressing global poverty and fostering development.

Meetings with U.S. Officials and Global Financial Institutions

In addition to his participation in the IMF and World Bank events, Al-Jadaan met with U.S. Treasury Secretary Janet Yellen. The two discussed ways to strengthen economic and financial cooperation between Saudi Arabia and the United States, with a focus on bolstering ties in investment and finance.

Al-Jadaan, alongside Saudi Minister of Economy and Planning Faisal Al-Ibrahim, also held discussions with key figures from BNP Paribas, including Chairman Jean Lemierre and Global Head of Debt Capital Markets Alexis Taffin. The meetings centered on exploring investment opportunities and fostering collaboration between Saudi Arabia and global financial institutions.

Accompanied by Ayman Al-Sayari, Governor of the Saudi Central Bank, Al-Jadaan met with representatives from S&P Global Ratings, including Global Head of Sovereign Ratings Roberto Sifon. The Saudi delegation presented the Kingdom’s ongoing economic diversification efforts and highlighted the reforms undertaken as part of Vision 2030, Saudi Arabia’s blueprint for economic transformation and sustainable development.

Focus on Economic Reforms and Growth

Al-Jadaan also engaged with officials from Fitch Ratings and Moody’s, where he discussed Saudi Arabia’s reforms and their contribution to driving growth and stability in the Kingdom. The discussions reflected the Kingdom’s commitment to enhancing its economic landscape and achieving the ambitious goals set out in Vision 2030.

Through its participation in these global forums, Saudi Arabia continues to position itself as a leader in economic reform, development, and international financial cooperation.