Saudi Finance Minister, IMF MD Support Recovery in Middle East Economies

Photo: SPA

At the first-ever AlUla Conference for Emerging Market Economies, which took place from February 16 to 17, Saudi Arabia’s Finance Ministry and the International Monetary Fund (IMF) co-hosted a key roundtable discussion. The main topic was “Working Together to Support Recovery in the Middle East’s Conflict-Affected Economies,” with a particular focus on Syria. The meeting gathered finance ministers from countries across the region, the foreign affairs minister of Syria, the World Bank Group’s Managing Director of Operations, and leaders from other important international financial organizations, including the Arab Coordination Group.

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After the meeting, Kristalina Georgieva, the Managing Director of the IMF, and Mohammed Al-Jadaan, Saudi Arabia’s Finance Minister, issued a statement. They thanked everyone involved in the meeting and highlighted the importance of collaborating to help countries in the Middle East that have been affected by conflict, especially Syria. They emphasized that all participants shared a commitment to addressing the urgent humanitarian needs of these countries and starting the process of rebuilding their economies quickly and effectively for the benefit of their citizens.

The statement explained that the meeting allowed participants to discuss recent developments and better understand the challenges faced by conflict-affected nations. It was agreed that stronger coordination between the countries and their international partners is crucial, as the problems in these countries can affect the entire region. Special attention was given to the situation in Syria.

The group agreed on several key actions to support these countries in need:

1. Continuous Diagnostic: A regular assessment of each country’s challenges, including their humanitarian and reconstruction needs. This would also involve identifying areas where institutions need to be built or strengthened and what policies and financing are necessary.

2. Enhanced Capacity Development (CD): Efforts to quickly increase the capacity of the IMF and World Bank to help build stronger institutions in these countries. This support would focus on essential areas like fiscal policy, banking, and monetary systems.

3. Financial Assistance Mobilization: Gathering financial support from international partners to fund necessary reform programs, including rebuilding efforts and humanitarian aid.

The IMF, World Bank, Arab Coordination Group, and regional countries all agreed to work closely together to achieve these goals, each focusing on their areas of expertise. They also promised to continue their efforts with other global partners to support the recovery of economies in the Middle East affected by conflict.

To keep the momentum going, the group decided to form an informal coordination group to guide these efforts. They also agreed to continue their discussions during the upcoming IMF/World Bank Spring Meetings, which will take place in Washington, D.C., from April 25-27.

The participants included representatives from the IMF, the World Bank, regional countries, the Arab Coordination Group, and high-level officials from Syria, all working together to find solutions to the challenges of rebuilding the Middle East’s conflict-affected economies.