Saudi Finance Minister Addresses Global Economic Challenges and IMF Developments

KSA, 22 April, 2024 : Saudi Finance Minister Mohammed Aljadaan highlighted the significant issue of high sovereign debt levels in low-income countries during the International Monetary and Financial Committee (IMFC) meetings. This debt burden impedes economic growth and welfare improvements for citizens.

Following the IMFC meetings, Minister Aljadaan and IMF Managing Director Kristalina Georgieva discussed the Global Policy Agenda at a press conference. Aljadaan praised his predecessor, Nadia Calvino, and emphasized the importance of multilateral cooperation to strengthen the global economy and monetary system's resilience.

He also acknowledged the IMF's commitment to capacity building across member states and welcomed the launch of the Global Public Finance Partnership. This initiative aims to address the increasing demand for expertise in public finance management.

In a significant announcement, a new 25th Chair will be added to the IMF Executive Board for Sub-Saharan Africa. Starting in November 2024, this addition aims to enhance African nations' representation within the IMF, ensuring a more balanced regional presence on the Board.

Source : www.zawya.com