RIYADH: Saudi Arabia has reaffirmed its commitment to strengthening joint Arab financial cooperation, with a leading minister emphasizing the Kingdom’s support for regional bodies.
At the annual meetings of the joint Arab financial institutions held in Kuwait, Mohammed Al-Jadaan highlighted the pivotal role of financial bodies in enhancing regional collaborative efforts.
The Kingdom’s finance minister called for strategic flexibility in their operations to better align with the evolving economic needs of member states amid shifting global economic conditions.
“During these meetings, I affirmed Saudi Arabia’s support for these institutions to achieve the common interests of Arab countries while emphasizing the importance of working according to flexible strategic directions that reflect the needs of member states in light of global economic conditions,” Al-Jadaan said on X.
The minister also took part in the 16th meeting of the Arab Finance Ministers Council, where he stressed the importance of assessing the impact of mounting financial, economic, and trade pressures.
He further called for the development of comprehensive frameworks to address these global challenges effectively.
“I highlighted the role of Arab Financial Institutions in providing technical support and developing studies and research to assist Arab countries in confronting these challenges,” Al-Jadaan said on X.
The minister spoke of the crucial contribution of Arab financial institutions in offering technical assistance and spearheading research efforts to support member countries in navigating economic uncertainties.
Al-Jadaan’s involvement in the meetings underscores the Kingdom’s commitment to strengthening the voice of emerging markets within influential financial forums.
Under Al-Jadaan’s chairmanship, the International Monetary and Financial Committee has prioritized amplifying the perspectives of developing economies, reflecting the Kingdom’s dedication to fostering inclusive global financial stability.
The establishment of the first joint Saudi-Kuwaiti Business Council in December exemplifies the region’s efforts to bolster economic ties and facilitate investment opportunities.
This initiative aims to enhance trade relations and economic integration between Saudi Arabia and Kuwait, aligning with broader objectives of regional cooperation.
Assistant Governor for Executive Affairs at the Saudi Central Bank Abdulelah Al-Deheem also participated in the joint annual meetings, and posting on X said: “The areas of development, finance, and economic impact were discussed during the meetings. Future plans that contribute to achieving the sustainable development objectives were also reviewed.”
Source: www.arabnews.com
