وزير المالية يقود وفد المملكة في الاجتماعات السنوية لمجموعة البنك الإسلامي للتنمية في الجزائر

Minister of Finance Leads Saudi Delegation at Islamic Development Bank Annual Meetings

The Minister of Finance and Governor of the Kingdom at the Islamic Development Bank (IDB), Mr. Mohammed Al-Jadaan, recently headed Saudi Arabia’s delegation for the IDB’s annual meetings, held from May 19 to May 22 in Algiers. The theme for this year’s gatherings was “Diversifying Economies, Enriching Lives,” reflecting the IDB’s commitment to promoting economic transformation and enhancing living standards in its member nations.

During the general session of the Council of Governors, Al-Jadaan presented the strategic framework for the IDB for the years 2026 to 2035. He highlighted that this framework serves as a critical roadmap for the bank’s future operations, marking the beginning of a new phase of effective institutional performance. Al-Jadaan emphasized, “We all recognize that achieving this ambitious vision is closely tied to the establishment of clear and practical mechanisms for assessing development impact. Implementing a comprehensive system of indicators to measure developmental effects will ensure transparency, enhance accountability, and facilitate continuous and effective monitoring of execution plans.”

Furthermore, in a roundtable discussion titled “Bridging the Gap: Multilateralism, Changing Trade Dynamics, and the Future of Development Finance,” Al-Jadaan underscored the pivotal role of the IDB in fostering economic growth, promoting regional integration, and facilitating intra-regional trade and joint investments among member countries. He pointed out the necessity of maximizing the effectiveness and synergies among the bank’s affiliated institutions.

In light of the current global situation, Al-Jadaan stressed the urgent need to support economic recovery. This can be achieved by adopting structural reforms aimed at ensuring financial sustainability and economic stability both in the medium and long term. He also advocated for strengthening confidence in multilateral institutions while enhancing their effectiveness, resilience, and inclusiveness.

Additionally, Al-Jadaan participated in a high-level roundtable meeting focused on the Global Riyadh Partnership for Drought Resilience. He emphasized that regions like Africa and the Middle East are grappling with extremely harsh conditions, where drought poses a significant threat to food security and destabilizes economies, thereby hampering sustainable development.

He explained that drought is no longer just a seasonal occurrence; it has evolved into a structural threat impacting approximately 1.84 billion individuals worldwide, with nearly 5% of these facing unbearable conditions. “Recognizing the gravity of this issue, Saudi Arabia has launched the Global Riyadh Partnership for Drought Resilience, which reflects our broader commitment under the Saudi Vision 2030 framework to protect human life, restore lands, and establish foundations for shared and sustainable prosperity. This partnership builds on our ongoing national, regional, and international efforts,” he stated.

The annual meetings of the Islamic Development Bank represent a vital platform for global leaders, policymakers, and development actors to convene and discuss means of promoting inclusive and sustainable development while tackling shared economic challenges. The gatherings also highlight the IDB’s dedication to supporting economic transformation and improving living conditions across member states, providing opportunities for networking, knowledge exchange, and collaboration among global leaders and experts in development.

In conclusion, the IDB’s annual meetings serve not only as a venue for discussing crucial policy directions but also as an essential conduit for fostering partnerships and strategies aimed at addressing pressing development issues faced by member countries. The discussions led by dignitaries like Al-Jadaan underscore the importance of collaborative approaches in navigating contemporary economic landscapes, paving the way for a resilient and sustainable future for all participating nations.