Mohammed bin Abdullah Al-Jadaan, the Saudi Finance Minister, has stated that the new commitments made by the International Monetary Fund (IMF) will help low-income nations.
The chair of the International Monetary and Financial Committee, Al-Jadaan, announced the conclusion of a review of the “Poverty Reduction and Growth Trust” during a press conference in Washington, which, as per the Saudi Press Agency, aims to enhance support for nations facing balance of payments challenges.
In the presence of IMF Managing Director Kristalina Georgieva, Al-Jadaan underscored the need for the World Bank and IMF to improve their approaches to help nations facing liquidity problems. Additionally, he supported the IMF’s endeavours to improve assistance for capacity-building and supply suitable funding.
Leading the Saudi delegation at the IMF and World Bank annual meetings and the G20 Finance Ministers and Central Bank Governors meeting from October 21 to 26, Al-Jadaan commended committee members for their collaboration and congratulated Kristalina Georgieva on her reappointment as Managing Director.
During the event, Al-Jadaan also announced the addition of a 25th seat on the IMF Executive Board, specifically designated for the African continent, marking a significant step in representation.
To address resilience, financial stability, and global economic growth, the IMFC provides a strategic platform. Leading this committee demonstrates Saudi Arabia’s dedication to multilateral cooperation and its role in fostering regional and international economic growth.
Al-Jadaan discussed prospects for economic cooperation with important financial figures during his visit to the United States, including US Treasury Secretary Janet Yellen. Saudi Central Bank Governor and Saudi Economy Minister Faisal Al-Ibrahim were present.
To discuss investment opportunities in the Kingdom under the “Vision 2030” economic diversification agenda, Ayman Al-Sayari also met with representatives from significant financial institutions, including Moody’s, Fitch, S&P, BNP Paribas, and JP Morgan.
“We discussed reforms in Saudi Arabia and their role in achieving robust economic growth,” Al-Jadaan noted in a post on his X account, Arab News reported.