Private-sector contribution key to Saudi economy: Al-Jadaan

Mohammed Al-Jadaan, Minister of Finance

The Saudi private sector’s efforts should be mobilized in order to succeed, Minister of Finance and Chairman of the International Monetary and Financial Committee (IMFC) at the International Monetary Fund (IMF), Mohammed Al-Jadaan, said.

“Regardless of the amount of money a country may hold, it cannot succeed on its own,” Al-Jadaan highlighted in his speech at the Peterson Institute for International Economics’ Macro Week in Washington.

The minister explained that Saudi Arabia is committed to achieving a strong economy to support all. He further noted that the Kingdom enjoys many strength points, including the young workforce, which is deemed a catalyst for the Saudi long-term transformation plan.

Al-Jadaan stressed the importance of strengthening multilateral action not only to confront the current risks but also to enhance sustainable economic growth and human development.

Additionally, he pointed out that low-income countries face several debt challenges witnessed by the international community that can only be addressed with multiple support.

Gobal governance should continue to adapt quickly and firmly to face difficult global challenges such as poverty and inequality. Multilateral development banks should focus their efforts towards building technical capabilities and providing the necessary support, Al-Jadaan concluded.