AlUla: A two-day inaugural annual global Conference on Emerging Market Economies was held in AlUla, from February 16 to 17, co-hosted by the Saudi Finance Ministry and the International Monetary Fund (IMF). Finance Minister of Saudi Arabia Mohammed Aljadaan and Managing Director of the IMF Kristalina Georgieva made the following statement at the end of the conference.
According to Saudi Press Agency, the leaders expressed gratitude to the emerging markets policymakers, academics, and representatives of regional and international financial institutions for their participation, which contributed to the success of the conference. They emphasized the significance of collaboration and dialogue in addressing the unique challenges faced by emerging markets.
The concluding statement highlighted three main takeaways from the discussions. First, the conference underscored the ongoing transformations in technology, trade, climate, and capital flows, which are reshaping the global economy. The leaders stressed the importance of building resilience through sound macroeconomic and financial policies amidst this uncertainty.
Second, the statement noted that emerging markets are actively engaging with these transformations to strengthen their economies. The potential benefits of digitalization and AI were acknowledged, with the emphasis on the need for reforms to enhance investments in digital infrastructure and human capital. Regional trade and financial integration were also identified as crucial components for economic growth.
Third, the leaders pointed out the risks of some countries falling behind during these transformations. They advocated for strong domestic policies and reforms as the first line of defense, while also calling for international support to mitigate the risk of growing divergence among countries.
The finance minister and IMF managing director expressed pride in co-hosting the first global forum focused solely on the economic prospects of emerging market economies. They looked forward to continuing these discussions in the upcoming year and at the second AlUla conference next year.