At PIIE Macro Week, Saudi Finance Minister Mohammed Al-Jadaan emphasizes the need for global collaboration and multilateral action for growth to tackle poverty and inequality, particularly in low-income nations

Saudi Arabia’s Minister of Finance and Chair of the International Monetary and Financial Committee, Mohammed Al-Jadaan, has called for coordinated global efforts to promote sustainable economic growth and address the pressing challenges facing the international community. Speaking at the Peterson Institute for International Economics (PIIE) Macro Week on October 21, 2024, in Washington, D.C., Al-Jadaan highlighted the critical need for multilateral action, especially in light of the difficulties faced by low-income countries.

Al-Jadaan’s remarks came during the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group. His address focused on the widening gap between rich and poor nations, with low-income countries bearing the brunt of global economic challenges, including poverty, inequality, and limited access to financial services.

During his speech, Al-Jadaan urged global financial institutions to adapt quickly and decisively to evolving challenges. He emphasised the importance of capacity-building within these institutions to provide necessary support and guidance. “Multilateral Development Banks (MDBs) need to increase their focus on capacity-building, as well as provide the support and advice needed,” he said, stressing that such institutions must evolve to address these issues efficiently.

The finance minister’s call for action aligns with Saudi Arabia’s Vision 2030, which seeks to create a “Thriving Economy” by diversifying the Kingdom’s economic opportunities and attracting global talent. Vision 2030 sets an ambitious framework for Saudi Arabia’s development, prioritising sustainable economic growth, human development, and the creation of a robust labour market that offers equal pay and productive employment for all, including women, young people, and individuals with disabilities.

Al-Jadaan’s message also supports the broader Sustainable Development Goals (SDGs), specifically the goal of promoting inclusive and long-term economic growth. This goal underscores the importance of decent work for all, ensuring fair wages, and fostering equal opportunities across all sectors of society. In this context, Al-Jadaan reiterated the significance of protecting labour rights and creating secure and accessible working environments, particularly for migrant workers, many of whom are women, and those in precarious employment.

PIIE, the host of Macro Week, is a globally recognised research institution renowned for providing insightful policy analysis and pragmatic approaches to enhancing the resilience of the global economy. The event gathered finance ministers, central bankers, government officials, and key industry influencers from around the world to discuss macroeconomic strategies aimed at promoting global economic stability and sustainable development.

“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,” Al-Jadaan said in a statement posted on social media platform X.

This year’s PIIE Macro Week centred on the theme of fortifying the global economy’s resilience against financial shocks, with discussions focusing on how countries can better collaborate to meet emerging economic challenges. The event provided a platform for leaders from various nations to deliberate on innovative solutions and strategic policies that could pave the way for long-term global prosperity.

In particular, Al-Jadaan pointed to the need for international institutions to prioritise the role of domestic financial systems in encouraging broader access to banking, insurance, and other financial services. These systems, he argued, must be strengthened to foster financial inclusion and stability, especially in developing countries where access to these services remains limited.

The Saudi finance minister’s call to action aligns with the Kingdom’s growing influence on the international stage, particularly within multilateral forums like the IMF and World Bank. Under Vision 2030, Saudi Arabia has positioned itself as a key advocate for sustainable development, focusing on economic reforms and global partnerships that benefit not only the Kingdom but also the broader international community.

As the global economic landscape continues to shift, Al-Jadaan’s emphasis on collaboration reflects a growing consensus that no country can tackle these challenges alone. Through multilateral cooperation, he argued, the world can better navigate the complexities of poverty, inequality, and economic instability to achieve sustainable growth and human development for all.