Saudi Minister of Finance, Mohammed Al-Jadaan recently participated in the OPEC Fund Development Forum and Ministerial Meeting in Vienna, Austria. During the meeting, Al-Jadaan emphasized Saudi Arabia’s efforts to increase non-oil revenues and diversify its economy as part of the Saudi Vision 2030 plan. This includes opening up new sectors for sustainable growth, enhancing female participation in the workforce, investing in higher education and training, and supporting small- and medium-sized enterprises. Al-Jadaan acknowledged the challenges faced by low-income developing countries and stressed the importance of strategic focus, political leadership, and adaptability in driving economic reforms.
In addition to his participation in the forum, Al-Jadaan signed an agreement with the President of the OPEC Fund and Somalia’s Minister of Finance to support economic recovery in Somalia and reduce the country’s debt burden. This agreement aligns with the IMF and World Bank’s Enhanced HIPC initiative. Al-Jadaan also took part in the inauguration of the OPEC Fund’s expanded headquarters in Vienna. The OPEC Fund, established in 1976 by member states of OPEC, aims to aid developing nations, especially low-income countries, in achieving social and economic progress through cooperation between OPEC member states and other developed countries.
The OPEC Fund focuses on funding projects that meet basic needs such as food, energy, clean water, sanitation, healthcare, and education. By supporting these essential services, the Fund aims to promote self-reliance and inspire hope for the future. The Ministerial Council and Forum meet annually in Vienna to discuss initiatives and projects that align with the Fund’s mission of aiding developing countries. Al-Jadaan’s participation in these meetings highlights Saudi Arabia’s commitment to supporting economic development and diversification in the region.
Al-Jadaan highlighted the importance of implementing labor market reforms in Saudi Arabia to increase female participation in the workforce and provide Saudi youth with the necessary skills for the future. By improving the ecosystem for private sector investment and supporting small- and medium-sized enterprises, Saudi Arabia aims to create a more sustainable and diversified economy. Al-Jadaan emphasized the need for strong political leadership and strategic focus to drive these reforms and adapt implementation plans based on lessons learned.
The three-way agreement signed by Al-Jadaan, the OPEC Fund President, and Somalia’s Minister of Finance demonstrates Saudi Arabia’s commitment to supporting economic recovery in Somalia and reducing the country’s debt burden. This partnership aligns with international initiatives to alleviate debt burdens in low-income countries and provides Somalia with the support needed to resume financing operations. The opening of the OPEC Fund’s expanded headquarters in Vienna further underscores the organization’s commitment to aiding developing nations and promoting social and economic progress around the world.
The OPEC Fund’s focus on funding projects that meet basic needs such as food, energy, clean water, sanitation, healthcare, and education aligns with the organization’s mission of encouraging self-reliance and inspiring hope for the future in developing nations. By convening annually in Vienna, the Ministerial Council and Forum provide a platform for member states to discuss and collaborate on projects that support the Fund’s objectives. Al-Jadaan’s participation in these meetings reflects Saudi Arabia’s dedication to promoting economic development and diversification in the region in line with the Saudi Vision 2030 plan.
