Minister of Finance Mohammed Al-Jadaan recently led a Saudi Arabia delegation at the 122nd meeting of the Cooperation Committee under the Financial and Economic Cooperation Council of the Gulf Cooperation Council (GCC) countries. This meeting, attended by members of the Supreme Council of Financial Forces in the GCC countries and the GCC Secretary-General, aimed to enhance financial and economic cooperation among the member countries. Various recommendations were reviewed, and updates were provided by the General Secretariat.
During the meeting, Al-Jadaan also participated in the GCC Future Conference, where he discussed “Future Industries and Cooperation Models” alongside other officials. He emphasized the importance of close cooperation at both local and international levels in order to achieve common goals and enhance global standing. Al-Jadaan highlighted the challenges faced by GCC countries, such as reducing dependence on oil revenues, and the various initiatives being implemented across the region to address these challenges.
The joint meeting between the finance ministers and central bank governors of the GCC countries with the Managing Director of the International Monetary Fund was also a key highlight of the conference. Discussions focused on the economic prospects and political challenges facing the GCC for 2024, as outlined in a report by the IMF. Al-Jadaan emphasized the importance of diversifying economies and reducing reliance on oil revenues, citing Saudi Arabia’s Vision 2030 as an example of the financial reforms being implemented to achieve these goals.
In addition to participating in various discussions and sessions during the conference, Al-Jadaan also took part in a roundtable meeting on “The Future of the IMF”. The discussions focused on the reforms needed to enhance international economic cooperation and improve the financial and administrative structure of the Fund. Al-Jadaan highlighted the challenges facing the global economy, such as geopolitical tensions and slowing global growth, and stressed the importance of multilateral international cooperation to overcome these challenges.
Overall, the conference provided a platform for GCC countries to discuss and address the economic and financial challenges facing the region. The discussions focused on the need to diversify economies, reduce reliance on oil revenues, and enhance global cooperation to overcome common challenges. Al-Jadaan’s participation in the various sessions and meetings highlighted Saudi Arabia’s commitment to financial reforms and economic diversification, as well as the importance of cooperation among GCC countries and international financial institutions such as the IMF.
