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Saturday, Apr 20, 2024

Saudi Minister of Finance Mohammed Al-Jadaan on the importance of economic integration among Arab nations

Saudi Minister of Finance Mohammed Al-Jadaan said on Friday that a series of global crises have highlighted the importance of economic integration among Arab nations, the necessity for increased cooperation, and the need for the development of sustainable economic and financial models.
He said that such measures would help to enhance resilience in the Arab world in the face of the challenges and risks it faces, the Saudi Press Agency reported. 

He was speaking on the sidelines of the 32nd Arab League Summit, which was hosted in Jeddah by the Kingdom, and during which Syria and its president, Bashar Assad, were welcomed back to the organization after a 12-year suspension.

Al-Jadaan welcomed Syria’s return to the Arab League, and highlighted Saudi Arabia’s commitment and efforts to ensure conditions are conducive for economic stability in the region, including the launch multiple initiatives and programs in support of Arab cooperation.

He also talked about the Kingdom’s collaboration with Arab Coordination Group institutions to help enhance food security, including a financial support package worth more than $10 billion to address this important issue.

The minister noted his country’s dedication to efforts that address debt challenges, through the launch of the Common Framework for Debt Treatments.

The framework, approved by the G20 leaders during the organization’s summit in Riyadh in 2020, stands as the sole internationally agreed mechanism for restructuring the debt of countries facing repayment difficulties.

Al-Jadaan also highlighted the Kingdom’s humanitarian and development assistance in support of developing countries, especially those in the region, and noted that Saudi Arabia ranks first globally in terms of such support, according to data from the Organization for Economic Cooperation and Development.

He expressed his hope that enhanced collaborations between member states can advance pan-Arab economic and social integration, underscoring the importance of continued progress in this field.
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