Saudi Finance Minister Mohammed Aljadaan Shares Key IMFC Decisions to Boost Global Economy

Washington: Saudi Arabia’s Finance Minister and Chair of the International Monetary and Financial Committee (IMFC), Mohammed Aljadaan, held a press conference with IMF Managing Director Kristalina Georgieva. Together, they outlined recent IMFC actions to strengthen global economic stability and support lower-income countries. Aljadaan praised IMFC members for their cooperation and emphasized the importance of joint efforts.

Key Actions Led by Saudi Arabia’s IMFC Chairmanship

Under Saudi Arabia’s leadership, the IMFC took several significant steps:

• Support for Low-Income Countries: The IMFC completed a review of the Poverty Reduction and Growth Trust (PRGT). This update aims to provide better assistance for countries with balance-of-payments challenges.
• Improved Liquidity Assistance: The IMFC urged the IMF and World Bank Group to enhance support for nations needing liquidity. This approach will help countries stabilize their economies.
• Expanded Capacity Development: The IMFC reinforced its commitment to building capacity within the IMF. It also confirmed support for securing necessary funding for development programs.

Aljadaan congratulated Georgieva on her second term as IMF Managing Director, expressing confidence in her leadership to manage emerging global economic challenges.

Africa Gains a New Chair in IMF Representation

One of the notable outcomes from the IMFC meeting was the creation of a new 25th Chair on the IMF Executive Board, specifically for Africa. This change allows for a stronger African voice in IMF decisions, supporting more inclusive global economic policy-making.

Saudi Arabia’s Ongoing Dedication to Multilateralism and Economic Stability

The IMFC, an essential body within the IMF, provides strategic direction for policies supporting economic growth and stability. Saudi Arabia’s IMFC chairmanship highlights the Kingdom’s dedication to fostering multilateralism. It also underscores Saudi Arabia’s role in supporting regional and global economic development.

Minister Aljadaan’s leadership reflects Saudi Arabia’s commitment to strengthening international cooperation, paving the way for a more resilient global economy.