Riyadh: IMFC Meeting Discusses Global Impact of Conflicts
The International Monetary and Financial Committee convened in Washington DC for its biannual meeting to delve into the macroeconomic and financial repercussions of current conflicts worldwide.
Chaired by Saudi Minister of Finance Mohammed Al-Jadaan, the IMFC members honed in on the war in Ukraine, the humanitarian crisis in Gaza, and shipping disruptions in the Red Sea.
IMFC’s Role in Addressing Global Disruptions
Al-Jadaan emphasized that IMFC’s primary function is to advise and report on the supervision and management of the international monetary and financial system amidst disruptive events.
While acknowledging the positive strides in global economic prospects, Al-Jadaan stressed the importance of remaining vigilant in the face of ongoing challenges and conflicts.
Challenges and Priorities for Global Economy
The committee recognized the pressing challenges posed by climate change, debt vulnerabilities, rising inequality, and geoeconomic fragmentation on the global economy.
Al-Jadaan outlined the policy priorities of achieving price stability, bolstering fiscal sustainability, and safeguarding financial stability while promoting inclusive and sustainable growth.
Commitments to Strengthening Global Financial System
Al-Jadaan reiterated the IMF’s commitments to addressing exchange rates, global imbalances, governance, and avoiding protectionist measures to strengthen the global financial safety net.
He also announced plans for welcoming a new chair for Sub-Saharan Africa on the IMF’s Executive Board in November to enhance regional representation.
Future Meetings and Initiatives
The IMFC anticipates its next 24 members’ meeting in October, continuing their efforts to outline the IMF’s work program and support financial stability and inclusive growth globally.
Overall, the IMFC remains dedicated to international cooperation to enhance the resilience of the global economy and monetary system in the face of multifaceted challenges and conflicts.