Diriyah: The third meeting of the IMF International Monetary and Financial Committee (IMFC) Deputies under the Saudi chairmanship commenced in Diriyah and is set to continue through April 7, 2025.
According to Saudi Press Agency, during his opening remarks, Minister of Finance Mohammed Aljadaan commended the efforts of the IMF and all IMFC members in steering the organization during challenging periods. He highlighted the significance of collaboration in ensuring global financial stability and fostering strong, inclusive economic growth.
Minister Aljadaan also welcomed the new "25th" IMFC member from the African continent, participating for the first time in the committee's history. He emphasized that the Kingdom, as chair of the committee, is eager to amplify the voice of emerging markets and developing economies within this important forum.
IMF Managing Director Dr. Kristalina Georgieva expressed her appreciation for Saudi Arabia's consistent and robust support for the IMF and its strong leadership of the IMFC. She noted that amid substantial global policy shifts, the IMF's mission to promote macroeconomic and financial stability remains as vital as it was 80 years ago. She assured that the IMF's 191 member countries can depend on it as a trusted advisor.
The first high-level panel discussion, titled "Breaking from The Low-Growth, High-Debt Path," focused on the global economy reaching a pivotal moment marked by uncertainty, affecting capital flows in both advanced and emerging markets. Participants highlighted that global growth prospects continue to lag behind historical levels, with high debt levels curtailing investments in essential areas such as infrastructure, social safety nets, and employment, thereby reducing the capacity to respond to new economic shocks.
In this context, it was noted that disruptive forces like artificial intelligence, digitalization, and demographic changes present significant opportunities while also posing major risks to the global economy.
The second high-level panel discussion, titled "Strengthening the Global Financial Safety Net," addressed the IMF's key role in the global financial safety net, assisting countries dealing with balance-of-payments difficulties by developing effective programs to achieve stability. Participants also shared perspectives on potential avenues to enhance cooperation between the IMF and other regional financial institutions.
The Kingdom's chairmanship of the IMFC underscores its strong commitment to promoting multilateralism and reflects its leading role in supporting regional and global economic growth.
The IMFC deliberates on issues concerning the growth and stability of the global economy, striving to ensure global financial stability. Its members discuss challenges facing the global economy and recommend economic policies to address them.
This official meeting marks the first time in the committee's history that it is being held in the Kingdom of Saudi Arabia.