AlUla: On the sidelines of the inaugural annual global AlUla Conference for Emerging Market Economies, held from February 16 to 17, Saudi Arabia's Finance Ministry and the International Monetary Fund (IMF) co-hosted a high-level roundtable on 'Working Together to Support Recovery in the Middle East's Conflict-Affected Economies', with a focus on Syria, bringing together finance ministers of countries in the region, the minister of foreign affairs of Syria, the managing director of operations at the World Bank Group and heads of other International Financial Institutions and the Arab Coordination Group.
According to Saudi Press Agency, following the meeting, Managing Director of the IMF Kristalina Georgieva and Saudi Finance Minister Mohammed Al-Jadaan made a joint statement emphasizing the significance of collective efforts to aid recovery in the conflict-affected economies of the Middle East, with a special focus on Syria. They highlighted the urgency and the commitment of all participants to work together in addressing humanitarian needs and initiating the rebuilding of these economies.
Participants expressed the meeting as a critical platform for discussing recent developments and building a common understanding of the challenges facing conflict-affected countries. They stressed the importance of coordination to support recovery as the negative spillovers would affect the entire region. Attention was particularly directed towards the situation in Syria.
The agreed priorities to support these countries included a continuous diagnostic of the challenges and economic context of each conflict-affected country, identifying institution-building priorities, and gaps in policies and financing needs. Enhanced capacity development was also emphasized, focusing on scaling up IMF and World Bank initiatives to strengthen fiscal, monetary, and banking institutions. Mobilization of financial assistance from the international community was highlighted as crucial for funding comprehensive reform programs, including reconstruction and humanitarian aid.
The IMF, World Bank, the Arab Coordination Group, and regional countries underscored their readiness to work collaboratively, complementing each other's efforts while focusing on their institutional mandates. They agreed to establish an informal coordination group to support these efforts and continue discussions during the upcoming IMF/World Bank Spring Meetings.
Participants at the meeting included the IMF, World Bank, countries in the region, members of the Arab Coordination Group, and high-level representatives of Syria.