SCB governor calls for global economic flexibility at IMF meetings

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WASHINGTON — Governor of the Saudi Arabian Financial Authority (SAMA) Ayman Bin Muhammad Al-Sayyari has emphasised the crucial want for flexibility inside the international financial system to navigate present challenges through the 2024 Worldwide Financial Fund (IMF) and World Financial institution Spring Conferences held in Washington.

He highlighted the significance of balancing these challenges with the dangers threatening future financial prospects.

Al-Sayyari pointed to a number of regarding tendencies, together with the widening hole in financial development between totally different areas and nations, weaknesses in international meals safety, and rising vulnerabilities related to sovereign debt.

To deal with these issues, he underlined the need of unwavering dedication to worldwide cooperation and a good and open international buying and selling system.

He advocated for insurance policies that strengthen international financial resilience, prosperity, and inclusivity, with specific emphasis on supporting low-income nations.

Moreover, he referred to as for a coverage shift prioritizing monetary sustainability, which might entail rebuilding reserves, safeguarding public funds, and aiding within the deceleration of inflation charges.

Relating to the Worldwide Financial Fund’s position, Al-Sayyari underscored the significance of tailoring structural reform applications to particular person nations’ distinctive circumstances.

He emphasised the necessity to handle issues concerning liquidity and obtain stability in significantly susceptible economies.

Moreover, he championed the significance of worldwide cooperation for restructuring sovereign debt by means of the G20’s joint framework.

Al-Sayyari additionally addressed the necessity to improve the resilience of IMF member nations within the face of future financial shocks. He recommended a evaluation of debt and lending insurance policies to bolster this resilience.

Moreover, he highlighted the significance of supporting member nations in seamlessly integrating digital developments whereas concurrently guaranteeing international monetary stability and decreasing international inequality.

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Lastly, he referred to as for the growth of the IMF’s capability growth efforts to additional empower member nation establishments and policymakers. — SPA

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