Saudi Arabia Urges IMF to Prioritize Core Activities
In a powerful statement, Saudi Arabia has urged the International Monetary Fund to prioritize its core activities, emphasizing the need to support initiatives such as rebuilding buffers and reviewing debt and lending policies.
Central Bank Governor Emphasizes Vigilance at IMF Meeting
Speaking during the International Monetary and Financial Committee Plenary session at the Spring Meetings of the World Bank Group and IMF 2024, Saudi Central Bank governor Ayman Al-Sayari stressed the importance of remaining vigilant to financial sector risks.
Challenges and Policy Adjustments Discussed
The governor emphasized the need for vigilance over continuing challenges, citing widening growth divergence, weak medium-term development prospects, food security issues, and elevated debt vulnerabilities. He also called on the IMF to review its policies to ensure continued relevance and effectiveness.
Adaptable Surveillance Activities and Global Policy Agenda
Al-Sayari highlighted the importance of the IMF’s surveillance activities being adaptable to meet the needs of the evolving economic and financial landscape. He welcomed the Managing Director’s Global Policy Agenda, which identifies policy challenges confronting member countries and outlines ways in which the IMF can provide assistance.
Support for Multilateralism and International Trade
To offset the adverse effects of economic threats, the governor strongly supported multilateralism and advocated for a fair and open international trade system that would enhance global stability and inclusivity. He also emphasized the strength of the Saudi economy and its proactive engagement with relevant bodies to stabilize the financial systems of regional nations.
IMFC Chair Addresses Global Economic Crises
Saudi Minister of Finance and IMFC Chair, Mohammed Al-Jadaan, noted the significant impacts of the crises on the global economy. He stated that the IMFC’s role is to advise and report on the supervision and management of the international monetary and financial system, and emphasized the need to be vigilant and ready to address challenges in the current era.