Arab News, Sat, Oct 26, 2024 | Rabi al-Thani 23, 1446
Saudi Central Bank’s governor highlights global, domestic economic resilience at IMF meeting
Saudi Arabia:
Ayman Al-Sayari, the governor of the Saudi Central
Bank, emphasized on Friday the resilience of the global economy despite ongoing
challenges.
Speaking at the International Monetary and
Financial Committee during the IMF and World Bank Group annual meeting, he noted
positive signs of growth and a gradual decrease in inflation, but cautioned
about rising global sovereign debt, calling for credible fiscal and debt
management reforms to sustain financial stability.
Al-Sayari highlighted the International Monetary
Fund’s critical role in fostering consensus and supporting international trade
by countering protectionist practices.
He praised the body’s policy advice and technical
assistance as essential for countries seeking economic resilience.
Al-Sayari also spoke of the Kingdom’s robust
non-oil growth, low inflation, record-low unemployment, and solid banking sector
as outcomes of Vision 2030’s economic transformation agenda.
Since the beginning of the COVID-19 pandemic Saudi
Arabia has provided over $36 billion in development assistance and contributed
more than $200 million to the IMF’s Poverty Reduction and Growth Trust’s Subsidy
Account, he added.
He concluded by stressing the importance of
multilateral cooperation to tackle rising debt and economic vulnerability in
low-income nations, warning that inaction risked a global debt crisis that could
destabilize the financial system.