Saudi Gazette report

DOHA — Minister of Finance Mohammed Al-Jadaan headed Saudi Arabia’s delegation participating in the 122nd meeting of the Cooperation Committee under the Financial and Economic Cooperation Council of the Gulf Cooperation Council (GCC) countries.

During the meeting, attended by members of the Supreme Council of Financial Forces in the GCC countries, and the GCC Secretary-General, many topics related to enhancing financial and economic cooperation were reviewed.

The committee also reviewed the recommendations submitted to it by the Undersecretaries Committee and the developments being followed up by the General Secretariat.

On the sidelines of the meeting, Al-Jadaan participated in the first session of the GCC Future Conference, entitled “Future Industries and Cooperation Models,” alongside Qatari Minister of Finance Ali Al-Kuwari, Bahraini Minister of Finance and National Economy Sheikh Salman bin Khalifa, and Managing Director of the International Monetary Fund Kristalina Georgieva.

During the session, Al-Jadaan explained that the GCC countries share opportunities and challenges, and close cooperation at the local and international levels is in the direct interest of the Gulf countries, contributes to achieving their common goals, and enhances their global standing.

He also participated in the joint meeting between the finance ministers and central bank governors of the GCC countries with the Managing Director of the International Monetary Fund, to discuss the report on the economic prospects and political challenges facing the GCC for 2024, issued by the Fund.

Al-Jadaan said: “Each GCC country has different economic needs and plans, but we all face the common challenge of reducing our dependence on oil revenues. Saudi Arabia has implemented financial reforms under Vision 2030, which aim to diversify the economy and reduce our dependence on oil revenues, and similar initiatives are being implemented across the GCC.”

The minister also participated in a roundtable meeting entitled “The Future of the IMF”, which highlights various visions regarding the reforms that the IMF must implement to enhance international economic cooperation, in addition to ways to improve the financial and administrative structure of the Fund, and reforms to the Fund’s frameworks related to regulatory and supervisory aspects, lending and capacity development to provide optimal support to its members in the region and the rest of the world, and enhance its internal operations.

During the meeting, Al-Jadaan highlighted the challenges facing the global economy, including increasing geopolitical tensions, and slowing global growth, noting the role played by the International Monetary Fund, in cooperation with other financial institutions, to mobilize multilateral international cooperation to overcome these challenges.