Alula: The first day of the second edition of the 2026 AlUla Conference for Emerging Market Economies concluded on Sunday. Hosted by AlUla Governorate and organized by the Ministry of Finance in partnership with the International Monetary Fund (IMF), the conference witnessed broad participation from economic policymakers, finance ministers, central bank governors, leaders of international financial institutions, and a distinguished group of experts from around the world. According to Saudi Press Agency, the conference opened with inaugural remarks by Minister of Finance Mohammed Aljadaan and IMF Managing Director Dr. Kristalina Georgieva. In his speech, Aljadaan highlighted the importance of enhancing the role of emerging market economies in supporting global growth. He emphasized the need for joint efforts to develop economic policies capable of keeping pace with rapid transformations in international trade and financial systems, thereby promoting global economic stability and achieving sustainable long-ter m growth. Aljadaan also addressed debt sustainability as one of the key challenges facing emerging and developing economies. He noted that rising public debt levels, increased borrowing costs, and reduced access to concessional finance have constrained fiscal space and limited the ability to fund developmental and social priorities. Emphasizing the importance of strengthening international coordination and improving debt restructuring frameworks, he reviewed the G20's efforts-including the Debt Service Suspension Initiative (DSSI) and the Common Framework-and stressed that accelerating implementation, enhancing transparency, and strengthening creditor coordination are essential to ensure effective debt solutions that support growth and financial stability. Georgieva noted that the AlUla conference last year recognized the growing role of emerging market economies in a world of sweeping transformations. She emphasized the importance of creating an effective space for dialogue in a world experiencing growing fragmentation and uncertainty, explaining that sound economic policies, together with strong institutions committed to reforms even under the most challenging conditions, form the foundation for enabling economies to serve their people and respond flexibly to evolving challenges. Georgieva pointed out that IMF research shows tangible progress in the economic policy frameworks of emerging markets, which today benefit from more independent central banks, clearer inflation targets, and stronger fiscal frameworks. She added that the next phase entails two main priorities: stimulating growth led by the private sector; and deepening regional and cross-regional integration, thereby helping to maintain trade as a key driver of economic growth. The first day's program included the keynote session, 'At Ithlib Diwan Address: Charting a Path through a Changing Global Economic Landscape,' featuring China's Minister of Finance Lan Fo'an and Governor of the Bank of England Andrew Bailey. They discussed the rapid shifts in the global economy, including changes in the international monetary and trade systems, structural shifts linked to geopolitical and geo-economic fragmentation, technological innovation, demographic changes, and their impact on both advanced and emerging economies. The conference also featured a research paper session titled 'Resetting Global Trade,' moderated by IMF Economic Counsellor and Director of Research Pierre-Olivier Gourinchas with contributions from Minister of Economy and Planning of Saudi Arabia Faisal Alibrahim, Argentine Minister for Deregulation and Government Transformation Federico Sturzenegger, Governor of the National Bank of Ethiopia Eyob Tekalign, and the Robert G. Ory Professor of Economics at Harvard University Pol Antras. The session examined current trade tensions and their impact on emerging market economies, risks and opportunities arising from global trade shifts, and the role of regional integration, supply chains, services trade, and economic geography in fostering resilience an d long-term growth. During the first day of the conference, President of the Islamic Development Bank (IDB) Group Dr. Mohammed Aljasser inaugurated the IDB's Concessional Finance Fund, emphasizing the Kingdom of Saudi Arabia's commitment, as the host country and one of the largest contributors, toward supporting solidarity, innovation, and strengthening multilateral action. He noted that the launch in AlUla goes beyond establishing the fund itself, sending a message of hope for a fairer world. The first day also included a panel discussion on 'Implications of Global Uncertainty on International Monetary and Financial Systems,' featuring Governor of the Saudi Central Bank Ayman Al-Sayyari, General Manager of the Bank for International Settlements Pablo Hernández de Cos, and Governor of the State Bank of Pakistan Jameel Ahmed, which was moderated by Director of the IMF's Monetary and Capital Markets Department Tobias Adrian. The discussion focused on the effects of global uncertainty on the international mone tary and financial system, including regulatory developments, capital flow volatility, and the role of the global financial safety net in supporting economic stability. The first day concluded with a research session on 'Monetary Policy amid Structural Transformations in the Global Economy,' moderated by Director of the Georgetown Americas Institute and the Peterson Institute for International Economics Professor Alejandro Werner. The session featured Governor of the National Bank of Poland Professor Adam Glapinski, Governor of the Central Bank of Egypt Professor Hassan Abdullah, Governor of the Central Bank of Armenia Martin Galstyan, and MIT Sloan School of Management Professor Kristin Forbes. The session addressed the impact of structural shifts and changes in trade and capital flows on monetary policy formulation in emerging markets, challenges in managing shocks and uncertainty, monetary policy tools, and the roles of exchange market interventions and capital flow management. On the sidelines of the co nference, Georgieva signed a memorandum of understanding with Director General of the Arab Monetary Fund Dr. Fahad Alturki to strengthen cooperation. The conference convened under the theme 'Policies Amid a Reset of the International Trade and Financial Systems,' reaffirming the importance of enhancing international dialogue, coordinating economic policies, and supporting the resilience of emerging market economies to promote global economic stability and sustainable growth.
Saturday, April 25, 2026