Resilience of the Global Economy: Insights from Saudi Central Bank Governor Ayman Al-Sayari
In a powerful speech at the International Monetary and Financial Committee during the IMF and World Bank Group annual meeting in Washington DC, Ayman Al-Sayari, the governor of the Saudi Central Bank, highlighted the remarkable resilience of the global economy despite ongoing challenges.
Al-Sayari noted positive signs of growth and a gradual decrease in inflation, but he also sounded a cautionary note about the rising global sovereign debt. He called for credible fiscal and debt management reforms to ensure sustained financial stability in the face of these challenges.
Al-Sayari also praised the International Monetary Fund for its crucial role in fostering consensus and supporting international trade by combatting protectionist practices.
He highlighted the IMF’s policy advice and technical assistance as vital for countries looking to build economic resilience.
Moreover, Al-Sayari spoke about Saudi Arabia’s strong non-oil growth, low inflation rates, record-low unemployment, and a robust banking sector as direct outcomes of Vision 2030’s economic transformation agenda.
Amid the COVID-19 pandemic, Saudi Arabia has extended over $36 billion in development assistance and contributed more than $200 million to the IMF’s Poverty Reduction and Growth Trust’s Subsidy Account, Al-Sayari revealed.
In conclusion, he underscored the necessity of multilateral cooperation in addressing the mounting debt and economic vulnerabilities in low-income countries. Al-Sayari warned that failure to act could lead to a global debt crisis that might disrupt the entire financial system.