Effective fiscal policies key for enhancing resilience amid global challenges: Al-Jadaan

Minister of Finance, Mohammed Al-Jadaan, said that implementing effective fiscal policies is crucial to enhance resilience and sustainability amid the challenges facing the global economy.

Saudi Arabia reaffirms its continuous support for the financial programs provided by the International Monetary Fund (IMF) to the region's countries, he added, highlighting the importance of enhancing the IMF’s efforts in providing technical assistance and capacity building.

On the first day of the Spring Meetings of the IMF and the World Bank Group for the year 2024 held in Washington, Al-Jadaan added that taking preemptive measures, such as providing technical assistance and capacity development for low-income countries, is essential to mitigate the risks they face of debt distress.

Al-Jadaan emphasized the need for a specific mechanism for exchanging information among all stakeholders to ensure a clear and comprehensive analysis of debt sustainability, the state-run SPA reported.

He also pointed out that the challenges facing the world, including climate change, require concerted efforts from everyone, and that the global nature of climate change necessitates a coordinated global response with diverse approaches and methodologies.