Saudi Arabia and the International Monetary Fund affirmed that, in addition to empowering the private sector, adopting sound economic and financial policies constitutes the fundamental basis for increasing the resilience of emerging market economies and achieving higher and sustainable growth.
This was announced in a joint statement issued at the conclusion of the second AlUla Conference on Emerging Market Economies, co-sponsored by the Saudi Ministry of Finance and the International Monetary Fund and held in AlUla from February 8 to 9, and signed by Finance Minister Mohamed Al-Jadaan and International Monetary Fund Director-General Kristalina Georgieva.
most prominent challenges
The statement noted that the conference will bring together policymakers from emerging market countries, as well as senior international academics and heads of regional and international financial institutions, to discuss the most salient challenges facing these economies and policies to increase their resilience and foster growth, reiterating the importance of having a dedicated global forum to address emerging market issues and common aspirations.
He explained that the discussion will focus on how emerging market economies will cope with a global environment characterized by continued uncertainty, geopolitical transformation, changing trade patterns and technological acceleration, highlighting the urgent need to strengthen policy and institutional frameworks that support resilience and enable them to seize future opportunities.
Coping with shock
The statement emphasized that sound macroeconomic and monetary policies, supported by strong institutions and effective governance, remain the fundamental basis for countering growing shocks, noting that the experience of many emerging market countries shows that credible policy frameworks and institutional developments have contributed to improving inflation performance, maintaining financial stability, and ensuring market access amid heightened uncertainty.
He added that with improved economic stability, emerging markets face the challenge of moving to a new phase of reforms aimed at achieving higher and more sustainable growth and increasing employment opportunities, noting that in addition to providing young people with the skills needed for a changing global labor market, unlocking the potential of the private sector, including through deepening financial markets, reducing barriers to entrepreneurship and investment, investing in digital infrastructure and leveraging artificial intelligence technologies, will be a crucial element on this path.
Accelerating transformation
The statement emphasized that rapid changes in trade and investment patterns have created important opportunities for deeper regional integration and integration between different regions to support growth.
He said enabling trade and strengthening regional cooperation remain essential elements in helping emerging market economies adapt to changing global economic conditions.
Both sides concluded their statement by expressing their gratitude for the commitment of emerging market countries to join hands, exchanging experiences and taking decisive steps to confront global challenges, and highlighting their desire to continue these discussions and build on the momentum achieved at the upcoming AlUla conference.
Saudi Arabia and the International Monetary Fund affirmed that adopting sound economic and financial policies and empowering the private sector form a key foundation for strengthening the resilience of emerging market economies and achieving higher and sustainable growth.
This was stated in a joint statement issued at the conclusion of the second AlUla Conference on Emerging Market Economies, co-sponsored by the Saudi Ministry of Finance and the International Monetary Fund and held in AlUla from February 8-9, and signed by Finance Minister Mohammed Al-Jadaan and IMF Managing Director Kristalina Georgieva.
major challenges
The statement noted that the conference brought together policymakers from emerging market countries, as well as the world’s leading academics and heads of regional and international financial institutions, to discuss the key challenges facing these economies and the policies needed to strengthen their resilience and foster growth, reiterating the importance of having a dedicated global forum to address emerging market issues and common aspirations.
The report explained that discussions focused on how emerging market countries can cope with a global environment characterized by ongoing uncertainty, geopolitical change, shifting trade patterns and technological acceleration, highlighting the urgent need to strengthen policy frameworks and institutions to support resilience and seize future opportunities.
face a shock
Emphasizing that sound macroeconomic and monetary policies, supported by strong institutions and effective governance, remain the basis for facing growing shocks, the statement noted that the experience of many emerging market countries shows that credible policy frameworks and institutional developments have contributed to improving inflation performance, maintaining financial stability and ensuring market access amid heightened uncertainty.
The report added that with improved economic stability, emerging markets face the challenge of moving to a new phase of reforms aimed at achieving higher and more sustainable growth and increasing employment opportunities, noting that unlocking the potential of the private sector will be a key element in this process through deepening financial markets, reducing barriers to entrepreneurship and investment, investing in digital infrastructure, harnessing artificial intelligence technologies and equipping young people with the skills needed for a changing global labor market.
Accelerate transformation
The statement stressed that changes in trade and investment patterns are accelerating, making regional integration and deepening regional cooperation important opportunities to support growth.
The report said enabling trade and strengthening regional cooperation remain essential elements to help emerging market economies adapt to changing global economic conditions.
Both sides concluded their statement by expressing their appreciation for the commitment of emerging market countries to unite, share experiences and take decisive steps to address global challenges, and underlined their eagerness to continue these discussions and build on the momentum achieved in future hosting of the AlUla conference.
