Saudi Finance Minister Mohammed Al-Jadaan recently criticized advanced economies for their lack of support for African and Asian nations in utilizing their natural resources. During the Peterson Institute for International Economics’ Macro Week in Washington, he pointed out the hypocrisy of wealthy nations neglecting to assist developing countries in accessing their own resources.
Al-Jadaan emphasized that advanced economies should allow developing nations to use their fossil fuel endowments, which would help them improve access to cleaner energy, connectivity, and job opportunities through the digital economy. He called for a reform in international organizations to address global challenges like poverty and inequality, advocating for multilateral development banks to focus on building technical capacities and providing necessary support.
The finance minister also highlighted the importance of enhancing communication efforts by these institutions, not only to showcase the benefits to recipients but also to the populations in donor countries. He questioned the efficacy of budgetary allocations and stressed the need for clearer explanations on how these efforts align with national interests rather than charity.
Al-Jadaan’s remarks underscore the urgent need for international organizations to adapt to current global challenges and ensure that development efforts are effectively communicated and aligned with the interests of both recipient and donor countries. By supporting developing nations in utilizing their natural resources, advanced economies can contribute to a more sustainable and inclusive global economy.
