Arab Press

بالشعب و للشعب
Friday, Jun 20, 2025

Saudi Arabia expects stronger growth in non-oil sector this year

Saudi Arabia expects stronger growth in non-oil sector this year

Minister of Finance Mohammed Al-Jadaan said that he is expecting stronger-than-expected growth this year in the non-oil sector underpinned by the structural reforms under Vision 2030.
Al-Jadaan, headed the Kingdom’s delegation in the Spring Meetings of the International Monetary Fund (IMF) and World Bank, held in Washington, DC, from April 19-24, 2022.

The delegation included Dr. Fahad Almubarak, governor of the Saudi Central Bank (SAMA), Sultan Al-Marshad, acting CEO of the Saudi Fund for Development (SFD), as well as a number of officials from the Ministry of Finance and Saudi Central Bank and the Saudi Fund for Development.

In his statement to the International Monetary and Financial Committee (IMFC) of the IMF, delivered by the governor of the Saudi Central Bank on his behalf, he welcomed the managing director's Global Policy Agenda and expressed his appreciation to the former chair and welcomed the new chair.

He stressed that the disruptions from the pandemic are still with us, and we need to continue working together to address these disruptions.

Regarding global policy priorities for the coming period, He stressed that in these challenging times, the Kingdom continues to support international efforts to restore peace and macro-stability and alleviate the humanitarian sufferings, including in Ukraine. The minister highlighted that KSA ranks 3rd among the world’s top donors in global humanitarian assistance, according to the 2021 UNFTS.

Regarding Global Policy Agenda, Al-Jadaan underscored that multilateralism is becoming more important now than ever to help the world overcome the rising challenges while safeguarding economic integration.

He strongly emphasized the importance of prudent climate policies to ensure stable energy market conditions and just transition to greener economy that are necessary for global economic stability.

In that regard, he reiterated Saudi Arabia’s commitment to achieving the Kingdom goal of reaching net-zero emission by 2060 through the framework of Circular Carbon Economy.

On Saudi economy, he confirmed that the Kingdom remains committed to prudent policies to maintain monetary and financial stability and preserve a strong fiscal position, while accelerating structural reforms to further enhance resilience against external shocks.

Al-Jadaan also participated in the Development Committee of the World Bank Group where he flagged the importance of the IMF and WB joint work to tackle global economic setbacks stemming from the recent geopolitical tensions and the ongoing COVID-19 pandemic.

He strongly emphasized the important role of the two institutions to support low-income countries, noting the need for enhanced collective efforts to accelerate international support to these countries.

He also highlighted that the COVID-19 pandemic has profoundly impacted the global economy over the past two years — and it is not over yet.

He highlighted that the continued spread of the virus could give rise to even more contagious variants; prompting further disruptions to the global economic recovery and therefore, members should continue to boost vaccinations everywhere, especially in low-income countries.

On the growing food insecurity issue, he urged the WBG and IMF to provide a swift emergency response to food insecurity facing client countries in the MENA region and elsewhere.

On debt vulnerabilities in low-income countries, he called on the WBG and the IMF to redouble their efforts, given the increasingly complex challenges facing low-income countries noting the importance of paying heightened attention to debt-related issues.

He noted that the G20 Common Framework (CF) now offers an opportunity for a more enduring treatment of debt vulnerabilities in LICs and encourage the IMF and WBG to engage closely on this important initiative to ensure that the CF works as an effective platform for debt treatments.

Regarding digitization and its contribution to development, Al-Jadaan highlighted that the COVID-19 pandemic has provided both the push for, and demonstrated the importance of, the use of digital technologies.

He shared that the Kingdom was ranked second among all G20 members on its “Top Digital Riser” list, which is an important recognition to the comprehensive government support for digital transformation.

He also noted that the Kingdom has also been recognized by UN International Telecommunication Union for its adoption of best policies, regulations, and transparent arrangements that support the digital economy, stimulate investment and innovation, and contribute to achieving the SDGs.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Saudi Arabia Faces Uncertainty Over Succession After Mohammed bin Salman
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Majority of French Voters View Macron's Presidency as a Failure
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Businessman Mauled by Lion at Luxury Namibian Lodge
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
×