Finance Minister Heads Saudi Delegation to GCC Financial & Economic Cooperation Meeting

Saudi Minister of Finance Mohammed Aljadaan headed the Kingdom of Saudi Arabia's delegation participating in the 122nd meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, held Thursday in Doha, Qatar, with the participation of the finance ministers of GCC countries and GCC Secretary-General Jassim Mohammed Albudaiwi. ?The participants discussed key issues related to strengthening financial and economic cooperation between GCC countries, while the committee was informed of the recommendations from the GCC Undersecretaries of Ministries of Finance Committee and the latest developments from the Secretariat General. ?On the sidelines of the meeting, Minister Aljadaan participated in the first session of the GCC Future Forum, entitled "Industries of the future and models of cooperation," in the presence of the Qatari Minister of Finance Ali Al Kuwari, Kingdom of Bahrain Minister of Finance and National Economy Shaikh Salman bin Khalifa Al Khalifa, and International Moneta ry Fund (IMF) Managing Director Kristalina Georgieva. ?Minister Aljadaan emphasized during the session that the GCC countries share joint opportunities and challenges, and close cooperation at both the local and international levels is directly in the interest of the Gulf states and contributes to achieving their shared goals and enhancing their global standing. ?Minister Aljadaan also participated in the joint meeting of the GCC finance ministers and central bank governors, along with the IMF's Georgieva, to discuss economic prospects and political challenges facing the GCC in 2024. ?"Each GCC country has different economic needs and plans, but we all face the common challenge of reducing our dependence on oil revenues, noting that Saudi Arabia has implemented financial reforms under Vision 2030 aimed at diversifying the economy and reducing our dependence on oil revenues. Similar initiatives are being implemented throughout the Gulf Cooperation Council,' Minister Aljadaan said. ?The finance minister als o participated in a roundtable entitled "The Fund for the Future," which highlighted various visions of the major reforms to be implemented by the IMF in order to strengthen international economic cooperation and improve the financial and management structure of the fund. Also discussed were reforms to the IMF regulatory and supervisory frameworks, lending, and capacity development to provide optimal support to its members in the region and the rest of the world, and to strengthen its internal operations. ?During the meeting, Minister Aljadaan highlighted the challenges facing the global economy, including increased geopolitical tensions and slowing global growth, noting the role of the IMF in collaboration with other financial institutions to mobilize multilateral international cooperation to overcome these challenges. Source: Saudi Press Agency