Saudi Arabia Urges IMF to Enhance Global Financial Stability

Saudi Arabia has called on the International Monetary Fund (IMF) to focus on its core activities to support global financial stability. During the recent Spring Meetings of the World Bank Group and IMF 2024, Saudi Central Bank governor Ayman Al-Sayari emphasized the importance of initiatives such as rebuilding buffers and reviewing debt and lending policies. Al-Sayari highlighted the need for vigilance in addressing financial sector risks, including challenges like widening growth divergence, weak medium-term development prospects, food security issues, and elevated debt vulnerabilities.

Al-Sayari stressed the importance of the IMF adapting its policies to remain relevant and effective in a rapidly changing world. He emphasized the necessity of tailored policy advice for member countries and the incorporation of macro-financial analysis into surveillance activities. The governor welcomed the IMF's Global Policy Agenda, which aims to address policy challenges and provide assistance to member countries.

Furthermore, Al-Sayari underlined the resilience of the global economy amidst tight monetary policies and increasing fragmentation. He advocated for multilateralism and a fair international trade system to enhance global stability and inclusivity. Highlighting the strength of the Saudi economy, Al-Sayari mentioned the Kingdom's proactive engagement in stabilizing the financial systems of regional nations.

In a separate statement, Saudi Minister of Finance and IMFC Chair, Mohammed Al-Jadaan, acknowledged the significant impacts of recent crises on the global economy. However, he clarified that the IMFC's role is to advise on the international monetary and financial system's supervision and management, rather than address geopolitical and security issues.

Al-Jadaan emphasized the need for vigilance in addressing remaining challenges and promoting global stability. He highlighted the importance of readiness to tackle future disruptions and called for a focus on peace and cooperation in the current era.