Al-Jadaan: Saudi investments mitigated impact of energy shock on global economy
BANGKOK — Saudi Minister of Finance Mohammed Al-Jadaan affirmed that investments by countries such as Saudi Arabia had helped mitigate the impact of the energy shock on the global economy. “The shock would have been far more severe without these investments,” he said. Al-Jadaan, who is also chairman of the International Monetary and Financial Committee (IMFC) of the International Monetary Fund…
In the aftermath of a global energy shock, Saudi Minister of Finance Mohammed Al-Jadaan has stated that investments from nations like Saudi Arabia helped to dampen the shock's severity on the global economy. "The shock would have been far more severe without these investments," he asserted. Al-Jadaan, who also chairs the IMF's International Monetary and Financial Committee (IMFC), made these remarks during a press conference alongside IMF Managing Director Kristalina Georgieva, following the IMF and World Bank Annual Meetings in Bangkok.
Despite the resilience shown by the global economy, Al-Jadaan highlighted ongoing major challenges. He cautioned that financial vulnerabilities are rising due to mounting public debt and increasing sovereign bond yields. The importance of central bank independence for price stability and the credibility of monetary policy was emphasized.
IMFC members pledged continued support for nations facing debt risks and the necessity of equipping the IMF to aid low-income countries. They acknowledged the advances in artificial intelligence contributing to stable growth yet noted varied economic outcomes. The IMFC reaffirmed central banks' dedication to maintaining price stability and noted that conflicts continue to cause heavy human and economic damage.
Al-Jadaan met German Finance Minister Lars Klingbeil during the meetings to discuss enhancing bilateral ties and various shared interests. Additionally, Al-Jadaan led a meeting of the IMFC to discuss global economic challenges, supply chain security safeguards, and harnessing technology and logistics to promote stability and sustainable growth.
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