Joint Statement by the Saudi Finance Minister and IMF Managing Director on Supporting Recovery in the Middle East’s Conflict-Affected Economies

IMF News, February 17, 2025

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Published: February 17, 2025

Meeting context and participants

Event: inaugural annual global Conference on Emerging Market Economies in Al Ula, Saudi Arabia (February 16-17).
Co-hosts: Saudi Finance Ministry and the International Monetary Fund (IMF).
High-level roundtable title: “Working Together to Support Recovery in the Middle East’s Conflict-Affected Economies.”
Participants included: finance ministers of countries in the region, the Foreign Affairs Minister of Syria, representatives from the World Bank, heads of other International Financial Institutions, and the Arab Coordination Group.
Press Release No. 25/38; statement issued February 17, 2025.
IMF press contact: PRESS OFFICER: Wafa Amr; Phone: +1 202 623-7100; Email: MEDIA@IMF.org; @IMFSpokesperson.

Key messages from Kristalina Georgieva and Mohammed Aljadaan

“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 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.”

Agreed priorities to support conflict-affected countries

A Continuous Diagnostic of the challenges and economic and social context facing each conflict-affected country, including an assessment of humanitarian and reconstruction needs.
- Purpose: identify institution-building priorities, gaps in policies, and financing needs.
Enhanced Capacity Development (CD) to rapidly scale up IMF and World Bank CD initiatives.
- Purpose: strengthen and, as needed, build new institutions.
- Focus: tailor support 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.

Next steps and coordination

Establishment of an informal coordination group to support these efforts.
Continued discussions scheduled at the upcoming IMF/World Bank Spring Meetings on April 21-26 in Washington, D.C.

Joint Statement by the Saudi Finance Minister and IMF Managing Director on Supporting Recovery in the Middle East’s Conflict-Affected Economies — February 17, 2025, IMF Communications Department.