JEDDAH: Saudi Arabia is eager to elevate the voices of emerging economies on a key International Monetary Fund committee, the Kingdom’s finance minister has announced.
Speaking at the opening session of the deputies meeting of the International Monetary and Financial Committee in Diriyah, Mohammed Al-Jadaan praised the IMF and IMFC members for guiding the organization through challenging periods, the Saudi Press Agency reported.
Al-Jadaan, who was appointed IMFC chair in December 2023 for a three-year term, underscored “the importance of collaboration to ensure global financial stability and strong, inclusive economic growth,” according to SPA.
The meeting marked a milestone as the first official IMFC gathering hosted in the Kingdom.
The SPA report added that “Al-Jadaan welcomed the new '25th' IMFC member from the African continent, who is participating for the first time in the history of the committee, and stated that the Kingdom, as chair of the committee, is keen to strengthen the voice of emerging markets and developing economies in this important committee.”
Under its IMFC chairmanship, Saudi Arabia is positioning itself as a central player in shaping global economic policy.
The committee serves as the policy advisory body to the IMF’s Board of Governors, addressing global economic issues and recommending measures to sustain financial stability and growth.
Speaking at the event, IMF Managing Director Kristalina Georgieva thanked Saudi Arabia for its continued support and leadership.
She noted that amid significant global policy shifts, “the IMF’s mission to foster macroeconomic and financial stability remains as essential today as it was 80 years ago. Our 191 member countries can continue to rely on the IMF as a trusted adviser.”
During a panel titled “Breaking from the Low-Growth, High-Debt Path,” participants highlighted that the global economy is at a pivotal juncture, with heightened uncertainty disrupting capital flows across advanced and emerging markets, according to SPA.
Panelists noted that growth prospects remain below historical norms, with high debt levels constraining investments in infrastructure, social protections, and job creation — limiting nations’ ability to respond to new economic shocks.
They also discussed the dual nature of transformative forces such as artificial intelligence, digitalization, and demographic shifts, which present both risks and opportunities.
A second panel, “Strengthening the Global Financial Safety Net,” examined the IMF’s central role in supporting countries with balance-of-payments challenges.
Participants explored ways to deepen coordination between the IMF and regional financial institutions.
