Al Ula, Saudi Arabia, – February 16, 2025: On the sidelines
of the inaugural annual global Conference on Emerging Market Economies in
Al Ula, Saudi Arabia (February 16-17), the Saudi Finance Ministry and the
International Monetary Fund (IMF) co-hosted a high-level roundtable on
“Working Together to Support Recovery in the Middle East’s
Conflict-Affected Economies”, bringing together finance ministers of
countries in the region, the Foreign Affairs Minister of Syria,
representatives from the World Bank, and heads of other International
Financial Institutions and the Arab Coordination Group.
Following the meeting, Kristalina Georgieva, Managing Director of the IMF,
and Mohammed Aljadaan, Finance Minister of Saudi Arabia, made the following
statement:
“This important meeting brought together representatives from the Middle
East and key economic and development partners to discuss how we can work
together to support recovery in the Middle East’s conflict-affected
economies.”
“We thank all participants for recognizing the urgency and importance of
this task, as well as for their commitment to work together to ensure that
the conflict-affected countries can start addressing their humanitarian
needs. This would help them start rebuilding their economies in an
efficient, swift, and durable way for the benefit of their people.”
“Participants welcomed the meeting as an opportunity to discuss recent
developments and build a common understanding of the challenges facing
conflict-affected countries. They emphasized the importance of
strengthening coordination to support the recovery of these countries as
the spillovers would impact all. Particular attention was paid to the
situation in Syria.”
Participants agreed on the following priorities to support
conflict-affected countries:
-
A Continuous Diagnosticof the challenges and economic
and social context facing each conflict-affected country, including an
assessment of humanitarian and reconstruction needs. Such a diagnostic
should identify institution-building priorities, gaps in policies, and
financing needs.
-
Enhanced Capacity Development (CD) aimed at rapidly
scaling up IMF and World Bank CD initiatives to help strengthen and, as
needed, build new institutions. Support would need to be tailored to
strengthen essential functions of fiscal, monetary and banking
institutions.
-
Mobilization of financial assistance from the international
community
. Financial support—coordinated with international and regional
development partners—will be needed to fund comprehensive reform
programs, including reconstruction and humanitarian aid.
“Participants underscored their readiness to work together and complement
each other’s efforts while focusing on their institutional mandates. They
will continue to work closely and with other partners to further support
the international response to the recovery of conflict-affected economies
in the Middle East region.”
They agreed to establish an informal coordination group to support these
efforts. Discussions will be continued at the upcoming
IMF/World Bank Spring Meetings on
April 21-26 in Washington, D.C.”