RIYADH: Multilateral action should be adopted to address current risks and promote future sustainable economic growth and human development, a top Saudi official reiterated.
While attending Macro Week at the Peterson Institute for International Economics on Oct. 21 in Washington, D.C., alongside the 2024 International Monetary Fund and World Bank Group Annual Meetings, Saudi Minister of Finance and Chair of the International Monetary and Financial Committee Mohammed Al-Jadaan highlighted that low-income nations are the most affected by challenges facing the global community.
During his speech, Al-Jadaan also underlined that it is essential that global financial institutions continue to adjust quickly and decisively to solve challenges such as poverty and inequality, according to a statement.
This commitment falls in line with the Kingdom’s Vision 2030 goal of a “Thriving Economy,” which stipulates generating diversified opportunities and attracting global talents and expertise to contribute to Saudi Arabia’s economic development.
It also aligns well with the Sustainable Development Goal of promoting inclusive and long-lasting economic growth and achieving full and productive employment, decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value by 2030.
“MDBs (Multilateral Development Banks) need to increase their focus on capacity-building, as well as provide the support and advice needed,” Al-Jadaan said during his speech.
“Today, I participated in the PIIE Macro Week on the sidelines of the 2024 Annual Meetings of the IMF and the World Bank, during which I stressed the importance of strengthening multilateral action to achieve sustainable economic growth.,” the minister said in a statement on X.
The SDGs cover several aspects, including strengthening the capacity of domestic financial institutions to encourage and expand access to banking, insurance, and financial services for all.
It also entails protecting labor rights and promoting safe and secure environments accessible to everyone, including migrant workers – mainly females – and those in precarious employment.
PIIE is recognized as a prominent global research institution that offers policy analysis and pragmatic approaches to bolster the resilience of the global economy.
The organization strives to enhance global economic stability through actionable solutions by engaging top-tier experts in the field.
PIIE Macro Week aims to assemble finance ministers, central bankers, governmental authorities, and industry influencers worldwide for deliberations on macroeconomic matters. This event also seeks to identify strategies to fortify global economic steadiness and advancement.