With Ambitious Vision and Effective Collaboration Saudi Ministry of Finance and IMF Conclude AlUla Conference for Emerging Market Economies

February 26, 2025 02:01 AM AEDT | By Cision

With Ambitious Vision and Effective Collaboration Saudi Ministry of Finance and IMF Conclude AlUla Conference for Emerging Market Economies — Image source: Kalkine Media

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ALULA, Saudi Arabia, Feb. 25, 2025 /PRNewswire/ -- The Saudi Ministry of Finance, in collaboration with the International Monetary Fund (IMF), concluded the AlUla Conference for Emerging Market Economies after two days of intensive sessions that brought together finance ministers, central bank governors, and other decision-makers and economic experts from around the world. The conference served as a platform for dialogue and cooperation to address the economic challenges facing emerging markets amidst the structural transformations of the global economy.

The sessions covered a range of key topics, with a focus on monetary and fiscal policies, sovereign debt policy and management, and the role of technology and AI in supporting economic development. Speakers highlighted the challenges facing emerging market economies, such as sluggish growth, high financing needs and costs, and rising levels of public debt. There was a strong emphasis on international collaboration to achieve durable economic and financial stability.

The discussions provided valuable insights into innovative solutions to enhance financial stability and boost development in emerging markets. The conference also highlighted successful experiences of countries that have overcome economic challenges through structural reforms, investments in technology, and strengthened collaboration with international financial institutions.

The conference featured the signing of several key bilateral agreements and Memoranda of Understanding (MoU) between the Saudi Finance Ministry and co-signing countries in order to enhance economic and financial cooperation. For example, H.E. Mohammed Aljadaan, the Saudi Finance Minister, and Nadia Fettah, Minister of Economy and Finance of Morocco, signed an MoU to strengthen collaboration in the financial sector. This agreement aims to facilitate the exchange of expertise in developing macroeconomic policies, financial regulations, and legislation, contributing to financial stability and supporting sustainable development in both countries.

The conference also included the signing of a debt restructuring agreement between the Arab Monetary Fund (AMF) and the Republic of Yemen, attended by H.E. Mr. Salem bin Breik, Yemeni Minister of Finance, and H.E. Fahad Alturki, Director General and Chairman of the Board of Executive Directors of the AMF. Supported by the Kingdom of Saudi Arabia, the agreement supports the objectives to achieve economic stability in Yemen and enhance its ability to face current financial challenges.

As part of efforts to promote investment in infrastructure projects, the Saudi Ministry of Finance and the Asian Infrastructure Investment Bank (AIIB) signed a joint statement aimed at fostering investment in this sector within the Kingdom. The statement highlights Saudi Arabia's commitment to advancing its infrastructure development and reinforcing its partnerships with international financial institutions.

The AlUla Conference for Emerging Market Economies is a prominent global platform that aims to foster dialogue and cooperation between countries to address common economic challenges. The organization of this conference reaffirms the commitment by Saudi Arabia and the IMF to support emerging market economies and promote financial and economic stability at the regional and international levels.

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